Exhibit 99.1



LOGO

Dejour Energy (Alberta) Ltd.

Reserve and resource estimation and

economic evaluation

Executive summary

Effective date: December 31, 2012



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LOGO



| |  |  |  |  |  |                                                    
| |  |  |  |  |  | ---------------------------------------------------
| |  |  |  |  |  | 700, 850  2 Street SW
Calgary AB T2P 0R8 Canada   
| |  |  | 
| |  |  |  |  |  | Tel: 403-267-1700 Fax:
587-774-5398 www.deloitte.ca

January 30, 2013

Dejour Energy (Alberta) Ltd.

598  999 Canada Place

Vancouver, British Columbia

V6C 3E1

Attention: Mr. Hal Blacker



|RE: | Dejour Energy (Alberta) Ltd.
|--- | ----------------------------

Reserve and resource estimation and economic evaluation

At your request and
authorization, Deloitte LLP (Deloitte) has prepared an independent evaluation of certain oil and gas assets of Dejour Energy (Alberta) Ltd. (Dejour Alberta), effective December 31, 2012.

This report has been prepared for the use of Dejour Energy (Alberta) Ltd. for corporate reporting purposes and Deloitte hereby gives its consent to the
use of its name and to the said estimates for reporting in the United States. The evaluation was conducted in the month of December 2012; field information obtained subsequent to the effective date was not used in the evaluation.

Pursuant to the requirements of Item 1202 (a) (8) of Regulation S-K, this report documents the results of the evaluation with the
following table (in Canadian dollars) summarizing 100 percent of the corporate reserves and value:



| |  | Table 1  summary of corporate reserves and value using constant prices and costs; and
|- |  | --------------------------------------------------------------------------------------

The proportion of the Companys total reserves represented by the reserves included in this report is shown below:



|                     |  |                            |  |                             |            |  |        |     |     |        |            |        |        |         |  |               |     |  |  |  |   |  
|-------------------- |  | -------------------------- |  | --------------------------- | ---------- |  | ------ | --- | --- | ------ | ---------- | ------ | ------ | ------- |  | ------------- | --- |  |  |  | - | -
|                     |  |                            |  | Company net proved reserves |            |  |        |    
|                     |  |                            |  |                             |            |  |        |     |     |        |            |        | Oil    |         |  | Proportion of |    
|Location of reserves |  | Gas                        |  |                             | Condensate |  |        | NGL |     |        | Equivalent |        |        | Oil Eq. | 
|Country              |  | Area                       |  | (MMcf)                      |            |  | (Mbbl) |     |     | (Mbbl) |            |        | (MBoe) |         |  | reserves      |    
|Canada               |  | Alberta / British Columbia |  |                             | 165        |  |        |     | 243 |        |            |        | 2      |         |  |               | 273 |  |  |  | 2 | %
|                     |  |                            |  |                             |            |  |        |     |     |        |            |        |        |         |  |               |     |  |  |  |   |  
|Total Company        |  |                            |  |                             |            |  |        |     |     |        |            | 11,894 |        |         |  | 100           | %  
|                     |  |                            |  |                             |            |  |        |     |     |        |            |        |        |         |  |               |     |  |  |  |   |  



|       |  |                                                                                                                                                                                                                                                      
|------ |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Notes: |  | (1)    Natural gas is converted to oil equivalent using a factor of 6,000
cubic feet of gas per one barrel of oil equivalent. (2)    Dejour Alberta has
indicated that these totals represent 100% of its Canadian interests as of December 31, 2012.

The oil and gas reserves calculations and income projections, upon which this report is based, were estimated in
accordance with the SECs Regulation S-X Part 210.4-10(a). Deloitte used all methods and procedures it considered necessary under the circumstances to prepare the report. The Evaluation procedure section included in this report details the
reserves definitions, price and market demand forecasts and general procedure used by Deloitte in its determination of this evaluation and are appropriate for the purposes served by the report. The estimates within this report were prepared with



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Dejour Energy (Alberta) Ltd.

Reserve and estimation and economic evaluation

Page 2



deterministic methods only. In accordance with SEC requirements all prices and costs (capital and operating)
were held constant. Constant prices were based on an average of market prices posted at or near the first of each month from January to December 2012. The extent and character of ownership and all factual data supplied by Dejour Energy (Alberta)
Ltd. were accepted as presented (see Representation Letter attached within). A field inspection and environmental/safety assessment of the properties was not made by Deloitte and the consultant makes no representations and accepts no
responsibilities in this regards.

This report contains forward looking statements including expectations of future production and capital
expenditures. Possible changes to the current government regulations may cause volumes of proved reserves actually recovered to differ significantly from the estimated quantities. Information concerning reserves may also be deemed to be forward
looking as estimates imply that the reserves described can be profitably produced in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause the actual results to differ from
those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, political and environmental factors), and commodity price and exchange rate
fluctuation. Present values for various discount rates documented in this report may not necessarily represent fair market value of the reserves.

A Boe conversion ratio of six (6) Mcf: one (1) barrel has been used within this report. This conversion ratio is based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.

Dejour Energy (Alberta) Ltd. (Dejour Alberta) is a
wholly-owned subsidiary of Dejour Energy Inc. (Dejour or the Company). The Company makes periodic filings on Form 20-F under the 1934 Exchange Act. Furthermore, the Company has certain registration statements filed with the
SEC under the 1933 Securities Act which any subsequently filed Form 20-F is incorporated by reference. We have consented to the incorporation by reference in the registration statements on Form S-X of the Company to the reference to our name as well
as to the reference to our third party report for the Company which appears in the December 31, 2012 annual report on Form 20-F of filings made under the SEC by The Company.

Yours truly,

Original signed by: Robin G. Bertram

Robin G. Bertram, P. Eng.

Partner

Deloitte LLP

/ct



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Table 1

Dejour Energy (Alberta) Ltd.

DETAILED ECONOMIC SUMMARY

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)



|                             |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|---------------------------- |  | --- | ------- |  | ---- |  | ----- | ------ |  | -- |  |  | ------- | 
|Effective December 31, 2012  |  |     |         |  |      |  |       | Canada |  |    | 
|                             |  | PDP |         |  | PDNP |  |       | PUD    |  | TP | 
|                             |  |     |         | 
|Light and Medium Oil Mbbl    |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 373.9   |  |      |  | 0.0   |        |  |    |  |  | 373.9   | 
|WI Before Royalty            |  |     | 280.4   |  |      |  | 0.0   |        |  |    |  |  | 280.4   | 
|WI After Royalty             |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|                             |  |     |         | 
|Total Oil Mbbl               |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 373.9   |  |      |  | 0.0   |        |  |    |  |  | 373.9   | 
|WI Before Royalty            |  |     | 280.4   |  |      |  | 0.0   |        |  |    |  |  | 280.4   | 
|WI After Royalty             |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|                             |  |     |         | 
|Sales Gas MMcf               |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 172.2   |  |      |  | 248.6 |        |  |    |  |  | 420.9   | 
|WI Before Royalty            |  |     | 129.2   |  |      |  | 74.6  |        |  |    |  |  | 203.8   | 
|WI After Royalty             |  |     | 104.2   |  |      |  | 60.6  |        |  |    |  |  | 164.7   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 104.2   |  |      |  | 60.6  |        |  |    |  |  | 164.7   | 
|                             |  |     |         | 
|NGLs Mbbl                    |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 0.3     |  |      |  | 8.5   |        |  |    |  |  | 8.8     | 
|WI Before Royalty            |  |     | 0.3     |  |      |  | 2.6   |        |  |    |  |  | 2.8     | 
|WI After Royalty             |  |     | 0.2     |  |      |  | 1.6   |        |  |    |  |  | 1.8     | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 0.2     |  |      |  | 1.6   |        |  |    |  |  | 1.8     | 
|                             |  |     |         | 
|MBOE Mboe                    |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 403.0   |  |      |  | 49.9  |        |  |    |  |  | 452.9   | 
|WI Before Royalty            |  |     | 302.2   |  |      |  | 15.0  |        |  |    |  |  | 317.2   | 
|WI After Royalty             |  |     | 260.7   |  |      |  | 11.7  |        |  |    |  |  | 272.5   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 260.7   |  |      |  | 11.7  |        |  |    |  |  | 272.5   | 
|                             |  |     |         | 
|Net Present Values - BTAX M$ |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Undiscounted                 |  |     | 9,062.4 |  |      |  | 18.2  |        |  |    |  |  | 9,080.7 | 
|Discounted at 5%             |  |     | 8,210.1 |  |      |  | 5.7   |        |  |    |  |  | 8,215.8 | 
|Discounted at 10%            |  |     | 7,504.9 |  |      |  | 3.3  |        |  |    |  |  | 7,501.6 | 
|Discounted at 15%            |  |     | 6,925.5 |  |      |  | 9.6  |        |  |    |  |  | 6,915.9 | 
|Discounted at 20%            |  |     | 6,446.2 |  |      |  | 14.2 |        |  |    |  |  | 6,432.1 | 

Light & Medium Oil includes Shale Oil. Heavy Oil Includes Ultra Heavy in Alberta and Bitumen. Sales Gas includes
Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale gas and Hydrates.



© Deloitte LLP and
affiliated entities.



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LOGO

Independent petroleum consultants consent

The undersigned firm of Independent Qualified Reserves Evaluators and Auditors of Calgary, Alberta, Canada has prepared an independent evaluation of
reserves and future net revenues derived therefrom, of the Petroleum and Natural Gas assets of the interests of Dejour Energy (Alberta) Ltd. These reserves and future net revenues were estimated using prior 12 month average constant prices and costs
(before and after income taxes) according to the requirements of SECs Regulation S-X, Part 210.4-10 (a). The effective date of this evaluation is December 31, 2012.

In the course of the evaluation, Dejour Energy (Alberta) Ltd. provided Deloitte LLP personnel with basic information which included land, well and accounting (product prices and operating costs)
information; reservoir and geological studies, estimates of on-stream dates for certain properties, contract information, budget forecasts and financial data. Other engineering, geological or economic data required to conduct the evaluation and upon
which this report is based, were obtained from public records, other operators and from Deloitte non confidential files. The extent and character of ownership and accuracy of all factual data supplied for the independent evaluation, from all
sources, has been accepted.

A Representation Letter dated December 19, 2012 and signed by both the Co-Chairman and Chief
Executive Officer and the Chief Financial Officer was received from Dejour Energy Inc. prior to the finalization of this report. This letter specifically addressed the accuracy, completeness and materiality of all the data and information that was
supplied to us during the course of our evaluation of Dejour Energy (Alberta) Ltd.s reserves and net present values. This letter is included within.

A field inspection and environmental/safety assessment of the properties was beyond the scope of the engagement of Deloitte and none was carried out. The Representation Letter received from
Dejour Energy (Alberta) Ltd. provided assurance that no additional information necessary for the completion of our assignment would have been obtained by a field inspection.

The accuracy of any reserve and production estimates is a function of the quality and quantity of available data and of engineering interpretation and judgment. While reserve and production estimates
presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward.

Revenue projections presented in this report are subject to uncertainties and may in future differ materially from the forecasts herein. Present values
of future net revenues documented in this report do not necessarily represent the fair market value of the reserves evaluated herein.



|                                                                                                                                         |  |  |  | 
|---------------------------------------------------------------------------------------------------------------------------------------- |  |  |  | 
|PERMIT TO PRACTICE 
Deloitte & Touche LLP Permit Number: P-11444  The Association of Professional Engineers and Geoscientists of
Alberta |  |  |  | 



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LOGO

Certificate of qualification

I, R. G. Bertram, a Professional Engineer, of 700, 850  2ndStreet S.W., Calgary, Alberta, Canada hereby certify that:



|1. | I am a partner of Deloitte LLP, which did prepare an evaluation of certain oil and gas assets of the interests of Dejour Energy (Alberta) Ltd. The effective date of
this evaluation is December 31, 2012.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta)
Ltd.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | I attended the University of Alberta and graduated with a Bachelor of Science Degree in Petroleum Engineering in 1985; that I am a Registered Professional Engineer in
the Province of Alberta; and I have in excess of twenty six years of engineering experience.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | I am a Qualified Reserves Auditor as defined in the Canadian Oil and Gas Evaluation Handbook, Volume 1, Section 3.2.
|-- | --------------------------------------------------------------------------------------------------------------------



|5. | A personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of information available from the files of
the interest owners of the properties and the appropriate provincial regulatory authorities.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Original signed by: R. G. BertramR. G. Bertram, P. Eng.January 29, 2013Date




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LOGO

Certificate of qualification

I, D. E. Yee, a Professional Engineer, of the 700, 850  2ndStreet Avenue S.W., Calgary, Alberta, Canada hereby certify that:



|1. | I am an employee of Deloitte LLP, which did prepare an evaluation of certain oil and gas assets of the interests of Dejour Energy (Alberta) Ltd. The effective date of
this evaluation is December 31, 2012.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta)
Ltd.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | I attended the University of Calgary and graduated with a Bachelor of Science Degree in Mechanical Engineering in 1992; that I am a Registered Professional Engineer in
the Province of Alberta; and I have in excess of fourteen years of engineering experience.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | A personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of information available from the files of
the interest owners of the properties and the appropriate provincial regulatory authorities.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Original signed by: D. E. YeeD. E. Yee, P. Eng.January 29, 2013Date




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LOGO

Certificate of qualification

I, L. D. Boyd, a Registered Professional Geologist, of 700, 850  2ndStreet S.W., Calgary, Alberta, Canada hereby certify that:



|1. | I am an employee of Deloitte LLP, which did prepare an evaluation of certain oil and gas assets of the interests of Dejour Energy (Alberta) Ltd. The effective date of
this evaluation is December 31, 2012.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta)
Ltd.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | I attended the University of Calgary and graduated with a Bachelor of Science Degree in Geology in 1976; that I am a Registered Professional Geologist in the Province
of Alberta; and I have in excess of thirty five years of geological experience.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | A personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of information available from the files of
the interest owners of the properties and the appropriate provincial regulatory authorities.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Original signed by: L. D. BoydL. D. Boyd, P. Geol.January 29, 2013Date




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| |  |  |  |      |  |                                                                                                                           
| |  |  |  | ---- |  | --------------------------------------------------------------------------------------------------------------------------
| |  |  |  | LOGO |  | Dejour Energy Inc. (NYSE MKT: DEJ, TSX:DEJ) 598-999 Canada Place
Vancouver, BC V6C 3E1
P: (604) 638-5050 F:
(604) 638-5051

December 19, 2012

AJM Deloitte

700, 850 - 2nd Street SW

Calgary, Alberta

T2P 0R8



|Re: | Standard Representation Letter
|--- | ------------------------------

Corporate Reserve Evaluation

Regarding the evaluation of our Companys oil and gas
reserves and independent appraisal of the economic value of these reserves effective December 31, 2012 (the effective date), we herein confirm to the best of our knowledge and belief as of the effective date of the reserves
evaluation, the following representations and information made to you during the course and conduct of the evaluation.



|1. | We (the Client) have made available to you (the Evaluator) certain records, information and data relating to the evaluated properties that we
confirm is, with the exception of immaterial items, complete and accurate as of the effective date of the reserves evaluation including the following:
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | accounting, financial and contractual data
| | -- | ------------------------------------------



| | b. | asset ownership and related encumbrance information
| | -- | ---------------------------------------------------



| | c. | details concerning product marketing, transportation and processing arrangement
| | -- | -------------------------------------------------------------------------------



| | d. | all technical information including geological, engineering and production and test data
| | -- | ----------------------------------------------------------------------------------------



| | e. | estimates of future abandonment and reclamation costs.
| | -- | ------------------------------------------------------



|2. | We confirm that all financial and accounting information provided to you is, to the best of our knowledge, both on an individual entity basis and in total, entirely
consistent with that reported by our Company for public disclosure and annual audit purposes.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | We confirm that our Company has satisfactory title to all of the assets, whether tangible, intangible or otherwise, for which accurate and current ownership information
has been provided.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | With respect to all information provided to you regarding product marketing, transportation and processing arrangements, we confirm that we have disclosed to you all
anticipated changes, terminations and additions to these arrangements that could reasonably be expected to have a material impact on the evaluation of our Companys reserves and future net revenues.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. | With the possible exception of items of an immaterial nature, we confirm as of the effective date of the evaluation that:
|-- | -------------------------------------------------------------------------------------------------------------------------



| | a. | For all operated properties that you have evaluated, no changes have occurred or are reasonably expected to occur to the operating conditions or methods that have been
used by our Company over the past twelve (12) months, except as disclosed to you. In the case of non-operated properties, we have advised you of any changes of which we have been made aware.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. | This letter provides assurance that no additional information necessary for the completion of your assignment would have been obtained by a field inspection.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c. | All regulatory approvals, permits and licenses required to allow continuity of future operations and production from the evaluated properties are in place and, except
as disclosed to you, there are no directives, orders, penalties or regulatory rulings in effect or expected to come into effect relating to the evaluated properties.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



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| | d. | Except as disclosed to you, the producing trend and status of each evaluated well or entity in effect throughout the three month period preceding the effective date of
the evaluation are consistent with those that existed for the same well or entity immediately prior to this period.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | e. | Except as disclosed to you, we have no plans or intentions related to the ownership, development or operation of the evaluated properties that could reasonably be
expected to materially affect the production levels or recovery of reserves from the evaluated properties.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | f. | If material changes of an adverse nature occur in the Companys operating performance subsequent to the effective date and prior to the report date, we will
undertake to inform you of such material changes prior to requesting your approval for any public disclosure of reserves information.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | g. | Between the effective date of the report and the date of this letter, nothing has come to our attention that has materially affected or could materially affect our
reserves and the economic value of these reserves that has not been disclosed to you.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Yours truly,



|                     |  |  |  |            
|-------------------- |  |  |  | -----------
|LOGO                 |  |  |  | LOGO       
|Robert L. Hodgkinson |  |  |  | Mathew Wong
|Co-Chairman & CEO    |  |  |  | CFO        



LOGO



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Table of contents



|                                                              
|--------------------------------------------------------------
|Executive summary                                             
|                                                              
|     Property location map                                   
|                                                              
|     AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)
|                                                              
|     Corporate summary                                       
|                                                              
|Economics                                                     
|                                                              
|     AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)
|                                                              
|Evaluation procedure                                          

Effective date: December 31, 2012



© Deloitte LLP and
affiliated entities.



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LOGO

T125

T121

104-N

104-O T117

104-P

94-M 94-N 94-O 94-P

T113

104-K T109

104-J

104-I T105

94-L 94-K 94-J 94-I

T101

104-F T97

104-G

104-H 94-E T93

94-F 94-G 94-H

Drake/Woodrush

T89

104-C T85

104-B

104-A

94-D 94-C 94-B T81

T77

03-N

103-O Saddle Hills T73

103-P

93-M

93-N 93-O 93-P T69

T65

103-J T61

103-I

93-L 93-K 93-J 93-I

T57

T53

103-G

103-H T49

93-E

93-F 93-G 93-H

T45

T41

103-B

103-A

93-D 93-C 83-D T37

93-B 93-A

T33

102-O T29

102-P 92-M 82-N

92-N 92-O 92-P 82-M T25

T21

T17

102-I 92-L 82-K

92-K 92-J 92-I 82-L T13

T9

82-G T5

92-E 82-F

92-F 92-G 92-H 82-E T1 102-O-3 102-I-3 92-D-14 92-C-14 92-B-14 92-H-3 82-E-4 82-E-1 82-F-2 82-G-3 R30 Kilometres 0 100 200 300 0 100 200 Miles Legend Evaluated Property

Deloitte

Dejour Energy (Alberta) Ltd.

Property Locations
Effective December 31, 2012 By : laj Date : 2013/01/31 Scale = 1:8250000 Project : dej loc



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Dejour Energy (Alberta) Ltd.

DETAILED ECONOMIC SUMMARY

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)



|                             |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|---------------------------- |  | --- | ------- |  | ---- |  | ----- | ------ |  | -- |  |  | ------- | 
|Effective December 31, 2012  |  |     |         |  |      |  |       | Canada |  |    | 
|                             |  | PDP |         |  | PDNP |  |       | PUD    |  | TP | 
|                             |  |     |         | 
|Light and Medium Oil Mbbl    |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 373.9   |  |      |  | 0.0   |        |  |    |  |  | 373.9   | 
|WI Before Royalty            |  |     | 280.4   |  |      |  | 0.0   |        |  |    |  |  | 280.4   | 
|WI After Royalty             |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|                             |  |     |         | 
|Total Oil Mbbl               |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 373.9   |  |      |  | 0.0   |        |  |    |  |  | 373.9   | 
|WI Before Royalty            |  |     | 280.4   |  |      |  | 0.0   |        |  |    |  |  | 280.4   | 
|WI After Royalty             |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 243.2   |  |      |  | 0.0   |        |  |    |  |  | 243.2   | 
|                             |  |     |         | 
|Sales Gas MMcf               |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 172.2   |  |      |  | 248.6 |        |  |    |  |  | 420.9   | 
|WI Before Royalty            |  |     | 129.2   |  |      |  | 74.6  |        |  |    |  |  | 203.8   | 
|WI After Royalty             |  |     | 104.2   |  |      |  | 60.6  |        |  |    |  |  | 164.7   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 104.2   |  |      |  | 60.6  |        |  |    |  |  | 164.7   | 
|                             |  |     |         | 
|NGLs Mbbl                    |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 0.3     |  |      |  | 8.5   |        |  |    |  |  | 8.8     | 
|WI Before Royalty            |  |     | 0.3     |  |      |  | 2.6   |        |  |    |  |  | 2.8     | 
|WI After Royalty             |  |     | 0.2     |  |      |  | 1.6   |        |  |    |  |  | 1.8     | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 0.2     |  |      |  | 1.6   |        |  |    |  |  | 1.8     | 
|                             |  |     |         | 
|MBOE Mboe                    |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Ultimate Remaining           |  |     | 403.0   |  |      |  | 49.9  |        |  |    |  |  | 452.9   | 
|WI Before Royalty            |  |     | 302.2   |  |      |  | 15.0  |        |  |    |  |  | 317.2   | 
|WI After Royalty             |  |     | 260.7   |  |      |  | 11.7  |        |  |    |  |  | 272.5   | 
|Royalty Interest             |  |     | 0.0     |  |      |  | 0.0   |        |  |    |  |  | 0.0     | 
|Total Net                    |  |     | 260.7   |  |      |  | 11.7  |        |  |    |  |  | 272.5   | 
|                             |  |     |         | 
|Net Present Values - BTAX M$ |  |     |         |  |      |  |       |        |  |    |  |  |         | 
|Undiscounted                 |  |     | 9,062.4 |  |      |  | 18.2  |        |  |    |  |  | 9,080.7 | 
|Discounted at 5%             |  |     | 8,210.1 |  |      |  | 5.7   |        |  |    |  |  | 8,215.8 | 
|Discounted at 10%            |  |     | 7,504.9 |  |      |  | 3.3  |        |  |    |  |  | 7,501.6 | 
|Discounted at 15%            |  |     | 6,925.5 |  |      |  | 9.6  |        |  |    |  |  | 6,915.9 | 
|Discounted at 20%            |  |     | 6,446.2 |  |      |  | 14.2 |        |  |    |  |  | 6,432.1 | 

Light & Medium Oil includes Shale Oil. Heavy Oil Includes Ultra Heavy in Alberta and Bitumen. Sales Gas includes
Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale gas and Hydrates.



© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

DETAILED RESERVES AND PRESENT VALUE

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)

Canada



|                            |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|--------------------------- |  | -------------------------- |  | ----------- |  | ---- | ----- |  | --------- |  | --- | ---- |  |  | ----- |  |  | ------------- | ----- |  | ---- |  | --- | ---- |  |  | ----- |  |  | ---- | --- |  | ---- |  | --- | ---- |  |  | ---- |  |  | -- | ----- |  | --- |  | --- | --- |  |  | ----- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|Effective December 31, 2012 |  | Proved Developed Producing | 
|                            |  |                            |  | Avg         |  | Oil  |       |  | Sales Gas |  |     | NGL  |  |  | BOE   |  |  | Present Value |      
|                            |  |                            |  | Int Derived |  | WI   |       |  | RI        |  |     | Net  |  |  | WI    |  |  | RI            |       |  | Net  |  |     | WI   |  |  | RI    |  |  | Net  |     |  | WI   |  |     | RI   |  |  | Net  |  |  | 5% |       |  | 10% |  |     | 15% | 
|Location                    |  | Formation                  |  | %           |  | Mstb |       |  | Mstb      |  |     | Mstb |  |  | MMcf  |  |  | MMcf          |       |  | MMcf |  |     | Mstb |  |  | Mstb  |  |  | Mstb |     |  | Mstb |  |     | Mstb |  |  | Mstb |  |  | M$ |       |  | M$  |  |     | M$  | 
|Canada                      |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Alberta                     |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Abandonments                |  |                            |  |             |  |      | 0.0   |  |           |  | 0.0 |      |  |  | 0.0   |  |  |               | 0.0   |  |      |  | 0.0 |      |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |      |  |  | 0.0  |  |  |    | 0.0   |  |     |  | 0.0 |     |  |  | 0.0   |  |  |  | 417.3  |  |  |  | 301.5  |  |  |  | 230.8  | 
|                            |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Alberta                     |  |                            |  |             |  |      | 0.0   |  |           |  | 0.0 |      |  |  | 0.0   |  |  |               | 0.0   |  |      |  | 0.0 |      |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |      |  |  | 0.0  |  |  |    | 0.0   |  |     |  | 0.0 |     |  |  | 0.0   |  |  |  | 417.3  |  |  |  | 301.5  |  |  |  | 230.8  | 
|British Columbia            |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drake/Woodrush              |  |                            |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 129.2 |  |      |  | 0.0 |      |  |  | 104.2 |  |  |      | 0.3 |  |      |  | 0.0 |      |  |  | 0.2  |  |  |    | 302.2 |  |     |  | 0.0 |     |  |  | 260.7 |  |  |  | 8,627.5 |  |  |  | 7,806.3 |  |  |  | 7,156.3 | 
|                            |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|British Columbia            |  |                            |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 129.2 |  |      |  | 0.0 |      |  |  | 104.2 |  |  |      | 0.3 |  |      |  | 0.0 |      |  |  | 0.2  |  |  |    | 302.2 |  |     |  | 0.0 |     |  |  | 260.7 |  |  |  | 8,627.5 |  |  |  | 7,806.3 |  |  |  | 7,156.3 | 
|                            |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Canada                      |  |                            |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 129.2 |  |      |  | 0.0 |      |  |  | 104.2 |  |  |      | 0.3 |  |      |  | 0.0 |      |  |  | 0.2  |  |  |    | 302.2 |  |     |  | 0.0 |     |  |  | 260.7 |  |  |  | 8,210.1 |  |  |  | 7,504.9 |  |  |  | 6,925.5 | 
|                            |  |                            |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                       |  |                            |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 129.2 |  |      |  | 0.0 |      |  |  | 104.2 |  |  |      | 0.3 |  |      |  | 0.0 |      |  |  | 0.2  |  |  |    | 302.2 |  |     |  | 0.0 |     |  |  | 260.7 |  |  |  | 8,210.1 |  |  |  | 7,504.9 |  |  |  | 6,925.5 | 



© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

DETAILED RESERVES AND PRESENT VALUE

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)

Canada



|                            |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|--------------------------- |  | --------- |  | ----------- |  | ---- | ----- |  | --------- |  | --- | ---- |  |  | ----- |  |  | ------------- | ----- |  | ---- |  | --- | ---- |  |  | ----- |  |  | ---- | --- |  | ---- |  | --- | ---- |  |  | ---- |  |  | -- | ----- |  | --- |  | --- | --- |  |  | ----- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|Effective December 31, 2012 |  | Proved    | 
|                            |  |           |  | Avg         |  | Oil  |       |  | Sales Gas |  |     | NGL  |  |  | BOE   |  |  | Present Value |      
|                            |  |           |  | Int Derived |  | WI   |       |  | RI        |  |     | Net  |  |  | WI    |  |  | RI            |       |  | Net  |  |     | WI   |  |  | RI    |  |  | Net  |     |  | WI   |  |     | RI   |  |  | Net  |  |  | 5% |       |  | 10% |  |     | 15% | 
|Location                    |  | Formation |  | %           |  | Mstb |       |  | Mstb      |  |     | Mstb |  |  | MMcf  |  |  | MMcf          |       |  | MMcf |  |     | Mstb |  |  | Mstb  |  |  | Mstb |     |  | Mstb |  |     | Mstb |  |  | Mstb |  |  | M$ |       |  | M$  |  |     | M$  | 
|Canada                      |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Alberta                     |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Abandonments                |  |           |  |             |  |      | 0.0   |  |           |  | 0.0 |      |  |  | 0.0   |  |  |               | 0.0   |  |      |  | 0.0 |      |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |      |  |  | 0.0  |  |  |    | 0.0   |  |     |  | 0.0 |     |  |  | 0.0   |  |  |  | 417.3  |  |  |  | 301.5  |  |  |  | 230.8  | 
|Saddle Hills                |  |           |  |             |  |      | 0.0   |  |           |  | 0.0 |      |  |  | 0.0   |  |  |               | 74.6  |  |      |  | 0.0 |      |  |  | 60.6  |  |  |      | 2.6 |  |      |  | 0.0 |      |  |  | 1.6  |  |  |    | 15.0  |  |     |  | 0.0 |     |  |  | 11.7  |  |  |  | 5.7     |  |  |  | 3.3    |  |  |  | 9.6    | 
|                            |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Alberta                     |  |           |  |             |  |      | 0.0   |  |           |  | 0.0 |      |  |  | 0.0   |  |  |               | 74.6  |  |      |  | 0.0 |      |  |  | 60.6  |  |  |      | 2.6 |  |      |  | 0.0 |      |  |  | 1.6  |  |  |    | 15.0  |  |     |  | 0.0 |     |  |  | 11.7  |  |  |  | 411.6  |  |  |  | 304.7  |  |  |  | 240.4  | 
|British Columbia            |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drake/Woodrush              |  |           |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 129.2 |  |      |  | 0.0 |      |  |  | 104.2 |  |  |      | 0.3 |  |      |  | 0.0 |      |  |  | 0.2  |  |  |    | 302.2 |  |     |  | 0.0 |     |  |  | 260.7 |  |  |  | 8,627.5 |  |  |  | 7,806.3 |  |  |  | 7,156.3 | 
|                            |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|British Columbia            |  |           |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 129.2 |  |      |  | 0.0 |      |  |  | 104.2 |  |  |      | 0.3 |  |      |  | 0.0 |      |  |  | 0.2  |  |  |    | 302.2 |  |     |  | 0.0 |     |  |  | 260.7 |  |  |  | 8,627.5 |  |  |  | 7,806.3 |  |  |  | 7,156.3 | 
|                            |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Canada                      |  |           |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 203.8 |  |      |  | 0.0 |      |  |  | 164.7 |  |  |      | 2.8 |  |      |  | 0.0 |      |  |  | 1.8  |  |  |    | 317.2 |  |     |  | 0.0 |     |  |  | 272.5 |  |  |  | 8,215.8 |  |  |  | 7,501.6 |  |  |  | 6,915.9 | 
|                            |  |           |  |             |  |      |       |  |           |  |     |      |  |  |       |  |  |               |       |  |      |  |     |      |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |    |       |  |     |  |     |     |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                       |  |           |  |             |  |      | 280.4 |  |           |  | 0.0 |      |  |  | 243.2 |  |  |               | 203.8 |  |      |  | 0.0 |      |  |  | 164.7 |  |  |      | 2.8 |  |      |  | 0.0 |      |  |  | 1.8  |  |  |    | 317.2 |  |     |  | 0.0 |     |  |  | 272.5 |  |  |  | 8,215.8 |  |  |  | 7,501.6 |  |  |  | 6,915.9 | 



© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

PRODUCTION AND REVENUE FORECAST

Company Share

AJM Deloitte SEC December 1, 2012 Constant Pricing
(CAD)

2013



|                            |  |                            |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|--------------------------- |  | -------------------------- |  | -------- |  | ------------- | -- |  | ----- |  | -- | ------- |  |  | ------- |  |  | ---- | ------- |  | ----- |  | --- | ------- |  |  | ------- |  |  | ------ | --- |  | ---- |  | --- |  |  |  | --- |  |  |  | ------- | 
|Effective December 31, 2012 |  | Proved Developed Producing | 
|                            |  |                            |  |          |  | Company Share |    |  | Total |  |    | Crown   |  |  | FH &    |  |  | Oper |         |  | Aband |  |     | Min Tax |  |  |         |  |  | Cash   |    
|                            |  |                            |  |          |  | Oil & NGL     |    |  | Gas   |  |    | Revenue |  |  | Royalty |  |  | ORR  |         |  | Exp   |  |     | Costs   |  |  | & SCC   |  |  | Invest |     |  | Flow | 
|Location                    |  | Formation                  |  | Category |  | Mbbl          |    |  | MMcf  |  |    | M$      |  |  | M$      |  |  | M$   |         |  | M$    |  |     | M$      |  |  | M$      |  |  | M$     |     |  | M$   | 
|Canada                      |  |                            |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|British Columbia            |  |                            |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|Drake/Woodrush              |  |                            |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|                            |  |                            |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|British Columbia            |  |                            |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|                            |  |                            |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|Canada                      |  |                            |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|                            |  |                            |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|Total                       |  |                            |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 



© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

PRODUCTION AND REVENUE FORECAST

Company Share

AJM Deloitte SEC December 1, 2012 Constant Pricing
(CAD)

2013



|                            |  |           |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|--------------------------- |  | --------- |  | -------- |  | ------------- | -- |  | ----- |  | -- | ------- |  |  | ------- |  |  | ---- | ------- |  | ----- |  | --- | ------- |  |  | ------- |  |  | ------ | --- |  | ---- |  | --- |  |  |  | --- |  |  |  | ------- | 
|Effective December 31, 2012 |  | Proved    | 
|                            |  |           |  |          |  | Company Share |    |  | Total |  |    | Crown   |  |  | FH &    |  |  | Oper |         |  | Aband |  |     | Min Tax |  |  |         |  |  | Cash   |    
|                            |  |           |  |          |  | Oil & NGL     |    |  | Gas   |  |    | Revenue |  |  | Royalty |  |  | ORR  |         |  | Exp   |  |     | Costs   |  |  | & SCC   |  |  | Invest |     |  | Flow | 
|Location                    |  | Formation |  | Category |  | Mbbl          |    |  | MMcf  |  |    | M$      |  |  | M$      |  |  | M$   |         |  | M$    |  |     | M$      |  |  | M$      |  |  | M$     |     |  | M$   | 
|Canada                      |  |           |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|British Columbia            |  |           |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|Drake/Woodrush              |  |           |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|                            |  |           |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|British Columbia            |  |           |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|                            |  |           |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|Canada                      |  |           |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|                            |  |           |  |          |  |               |    |  |       |  |    |         |  |  |         |  |  |      |         |  |       |  |     |         |  |  |         |  |  |        |     |  |      |  |     |  |  |  |     |  |  |  |         | 
|Total                       |  |           |  |          |  |               | 83 |  |       |  | 99 |         |  |  | 6,859.0 |  |  |      | 1,371.2 |  |       |  | 0.0 |         |  |  | 2,082.5 |  |  |        | 0.0 |  |      |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 



© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)



|                            |  |                                          
|--------------------------- |  | -----------------------------------------
|Selection : Canada          |  |                                          
|Effective December 31, 2012 |  | Total Proved Developed Producing Reserves

OIL, GAS & SULPHUR SUMMARY



|      |  |             |     |  |                   |  |     |             |  |  |           |  |  |          |           |  |       |  |     |         |  |  |       |  |  |           |        |  |             |  |     |          |  |  |          |  |  |       |           |  |         |  |           |                |  |  |       |  |  |         |      |  |               |  |     |  |  |  |     |  |  |  |      |  |  |  |     |  |  |  |     | 
|----- |  | ----------- | --- |  | ----------------- |  | --- | ----------- |  |  | --------- |  |  | -------- | --------- |  | ----- |  | --- | ------- |  |  | ----- |  |  | --------- | ------ |  | ----------- |  | --- | -------- |  |  | -------- |  |  | ----- | --------- |  | ------- |  | --------- | -------------- |  |  | ----- |  |  | ------- | ---- |  | ------------- |  | --- |  |  |  | --- |  |  |  | ---- |  |  |  | --- |  |  |  | --- | 
|      |  | COMPANY OIL |     |  | COMPANY SALES GAS |  |     | SULPHUR     |  |  | TOTAL     | 
|      |  |             |     |  | PoolRates         |  |     | PoolVolumes |  |  | WIVolume  |  |  | RIVolume |           |  | Price |  |     | Revenue |  |  |       |  |  | PoolRates |        |  | PoolVolumes |  |     | WIVolume |  |  | RIVolume |  |  | Price |           |  | Revenue |  |           | Co.ShareVolume |  |  | Price |  |  | WIRates |      |  | Co.ShareRates | 
|      |  | Wells       |     |  | bbl/d             |  |     | bbl         |  |  | bbl       |  |  | bbl      |           |  | $/bbl |  |     | M$      |  |  | Wells |  |  | scf/d     |        |  | Mcf         |  |     | Mcf      |  |  | Mcf      |  |  | $/Mcf |           |  | M$      |  |           | lt             |  |  | $/lt  |  |  | boe/d   |      |  | boe/d         | 
|2013  |  |             | 3.0 |  |                   |  | 302 |             |  |  | 110,065.6 |  |  |          | 82,549.2  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 6,606  |  |             |  | 1.0 |          |  |  | 360,453  |  |  |       | 131,565.2 |  |         |  | 98,673.9  |                |  |  | 0.0   |  |  |         | 2.39 |  |               |  | 236 |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 272 |  |  |  | 272 | 
|2014  |  |             | 3.0 |  |                   |  | 175 |             |  |  | 63,871.6  |  |  |          | 47,903.7  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 3,833  |  |             |  | 0.0 |          |  |  | 27,862   |  |  |       | 10,169.5  |  |         |  | 7,627.1   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 20  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 135 |  |  |  | 135 | 
|2015  |  |             | 3.0 |  |                   |  | 117 |             |  |  | 42,869.8  |  |  |          | 32,152.3  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 2,573  |  |             |  | 0.0 |          |  |  | 18,498   |  |  |       | 6,752.0   |  |         |  | 5,064.0   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 13  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 90  |  |  |  | 90  | 
|2016  |  |             | 3.0 |  |                   |  | 88  |             |  |  | 32,039.3  |  |  |          | 24,029.4  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 1,923  |  |             |  | 0.0 |          |  |  | 12,779   |  |  |       | 4,677.1   |  |         |  | 3,507.8   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 9   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 67  |  |  |  | 67  | 
|2017  |  |             | 3.0 |  |                   |  | 69  |             |  |  | 25,288.6  |  |  |          | 18,966.4  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 1,518  |  |             |  | 0.0 |          |  |  | 9,893    |  |  |       | 3,611.0   |  |         |  | 2,708.2   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 7   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 53  |  |  |  | 53  | 
|2018  |  |             | 3.0 |  |                   |  | 57  |             |  |  | 20,832.4  |  |  |          | 15,624.3  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 1,250  |  |             |  | 0.0 |          |  |  | 8,341    |  |  |       | 3,044.6   |  |         |  | 2,283.5   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 6   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 44  |  |  |  | 44  | 
|2019  |  |             | 3.0 |  |                   |  | 48  |             |  |  | 17,650.9  |  |  |          | 13,238.2  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 1,059  |  |             |  | 0.0 |          |  |  | 7,114    |  |  |       | 2,596.5   |  |         |  | 1,947.4   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 5   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 37  |  |  |  | 37  | 
|2020  |  |             | 3.0 |  |                   |  | 42  |             |  |  | 15,316.3  |  |  |          | 11,487.2  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 919    |  |             |  | 0.0 |          |  |  | 6,153    |  |  |       | 2,252.1   |  |         |  | 1,689.1   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 4   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 32  |  |  |  | 32  | 
|2021  |  |             | 3.0 |  |                   |  | 37  |             |  |  | 13,430.5  |  |  |          | 10,072.9  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 806    |  |             |  | 0.0 |          |  |  | 5,396    |  |  |       | 1,969.5   |  |         |  | 1,477.1   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 4   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 28  |  |  |  | 28  | 
|2022  |  |             | 3.0 |  |                   |  | 33  |             |  |  | 11,964.9  |  |  |          | 8,973.7   |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 718    |  |             |  | 0.0 |          |  |  | 5,592    |  |  |       | 2,041.2   |  |         |  | 1,530.9   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 4   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 25  |  |  |  | 25  | 
|      |  |             |     |  |                   |  |     |             |  |  |           |  |  |          |           |  |       |  |     |         |  |  |       |  |  |           |        |  |             |  |     |          |  |  |          |  |  |       |           |  |         |  |           |                |  |  |       |  |  |         |      |  |               |  |     |  |  |  |     |  |  |  |      |  |  |  |     |  |  |  |     | 
|Sub   |  |             |     |  |                   |  |     |             |  |  | 353,329.8 |  |  |          | 264,997.4 |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 21,205 |  |             |  |     |          |  |  |          |  |  |       | 168,678.7 |  |         |  | 126,509.0 |                |  |  | 0.0   |  |  |         | 2.44 |  |               |  | 308 |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  |     |  |  |  |     | 
|Rem   |  |             |     |  |                   |  |     |             |  |  | 20,585.2  |  |  |          | 15,438.9  |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 1,235  |  |             |  |     |          |  |  |          |  |  |       | 3,534.1   |  |         |  | 2,650.6   |                |  |  | 0.0   |  |  |         | 2.60 |  |               |  | 7   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  |     |  |  |  |     | 
|Total |  |             |     |  |                   |  |     |             |  |  | 373,915.0 |  |  |          | 280,436.3 |  |       |  | 0.0 |         |  |  | 80.02 |  |  |           | 22,441 |  |             |  |     |          |  |  |          |  |  |       | 172,212.7 |  |         |  | 129,159.6 |                |  |  | 0.0   |  |  |         | 2.44 |  |               |  | 315 |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  |     |  |  |  |     | 
|      |  |             |     |  |                   |  |     |             |  |  |           |  |  |          |           |  |       |  |     |         |  |  |       |  |  |           |        |  |             |  |     |          |  |  |          |  |  |       |           |  |         |  |           |                |  |  |       |  |  |         |      |  |               |  |     |  |  |  |     |  |  |  |      |  |  |  |     |  |  |  |     | 

NGL SUMMARY



|      |  |            |       |  |          |  |     |         |  |  |                 |  |  |           |      |  |          |  |     |       |  |  |                 |  |  |          |      |  |          |  |     |       |  |  |                 |  |  |          |     |  |          |  |      |       |  |  |                 |  |  |          |     |  |           |  |     |               |  |  |      |  |  |  |     |  |  |  |       |  |  |  |     |  |  |  |       | 
|----- |  | ---------- | ----- |  | -------- |  | --- | ------- |  |  | --------------- |  |  | --------- | ---- |  | -------- |  | --- | ----- |  |  | --------------- |  |  | -------- | ---- |  | -------- |  | --- | ----- |  |  | --------------- |  |  | -------- | --- |  | -------- |  | ---- | ----- |  |  | --------------- |  |  | -------- | --- |  | --------- |  | --- | ------------- |  |  | ---- |  |  |  | --- |  |  |  | ----- |  |  |  | --- |  |  |  | ----- | 
|      |  | CONDENSATE |       |  | ETHANE   |  |     | PROPANE |  |  | BUTANE          |  |  | TOTAL NGL |     
|      |  | WIVolume   |       |  | RIVolume |  |     | Price   |  |  | Co.ShareRevenue |  |  | WIVolume  |      |  | RIVolume |  |     | Price |  |  | Co.ShareRevenue |  |  | WIVolume |      |  | RIVolume |  |     | Price |  |  | Co.ShareRevenue |  |  | WIVolume |     |  | RIVolume |  |      | Price |  |  | Co.ShareRevenue |  |  | WIVolume |     |  | RIVolumes |  |     | CS NetVolumes | 
|      |  | bbl        |       |  | bbl      |  |     | $/bbl   |  |  | M$              |  |  | bbl       |      |  | bbl      |  |     | $/bbl |  |  | M$              |  |  | bbl      |      |  | bbl      |  |     | $/bbl |  |  | M$              |  |  | bbl      |     |  | bbl      |  |      | $/bbl |  |  | M$              |  |  | bbl      |     |  | bbl       |  |     | bbl           | 
|2013  |  |            | 252.0 |  |          |  | 0.0 |         |  |  | 69.01           |  |  |           | 17.4 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 252.0 |  |  |  | 0.0 |  |  |  | 201.6 | 
|2014  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2015  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2016  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2017  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2018  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2019  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2020  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2021  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|2022  |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|      |  |            |       |  |          |  |     |         |  |  |                 |  |  |           |      |  |          |  |     |       |  |  |                 |  |  |          |      |  |          |  |     |       |  |  |                 |  |  |          |     |  |          |  |      |       |  |  |                 |  |  |          |     |  |           |  |     |               |  |  |      |  |  |  |     |  |  |  |       |  |  |  |     |  |  |  |       | 
|Sub   |  |            | 252.0 |  |          |  | 0.0 |         |  |  | 69.01           |  |  |           | 17.4 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 252.0 |  |  |  | 0.0 |  |  |  | 201.6 | 
|Rem   |  |            | 0.0   |  |          |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 0.0   |  |  |  | 0.0 |  |  |  | 0.0   | 
|Total |  |            | 252.0 |  |          |  | 0.0 |         |  |  | 69.01           |  |  |           | 17.4 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.00 |  |          |  | 0.0 |       |  |  | 0.0             |  |  |          | 0.0 |  |          |  | 0.00 |       |  |  | 0.0             |  |  |          | 0.0 |  |           |  | 0.0 |               |  |  | 0.00 |  |  |  | 0.0 |  |  |  | 252.0 |  |  |  | 0.0 |  |  |  | 201.6 | 
|      |  |            |       |  |          |  |     |         |  |  |                 |  |  |           |      |  |          |  |     |       |  |  |                 |  |  |          |      |  |          |  |     |       |  |  |                 |  |  |          |     |  |          |  |      |       |  |  |                 |  |  |          |     |  |           |  |     |               |  |  |      |  |  |  |     |  |  |  |       |  |  |  |     |  |  |  |       | 



CASH FLOW BTAX



|      |  |                 |        |  |               |  |         |                  |  |  |             |  |  |             |     |  |                      |  |     |                       |  |  |              |  |  |                |        |  |                    |  |     |                            |  |  |                |  |  |                       |         |  |                      |  |         |                      |  |  |                  |  |  |               |          |  |               |  |       |                   |  |  |       |  |  |  |     |  |  |  |       |  |  |  |       |  |  |  |       | 
|----- |  | --------------- | ------ |  | ------------- |  | ------- | ---------------- |  |  | ----------- |  |  | ----------- | --- |  | -------------------- |  | --- | --------------------- |  |  | ------------ |  |  | -------------- | ------ |  | ------------------ |  | --- | -------------------------- |  |  | -------------- |  |  | --------------------- | ------- |  | -------------------- |  | ------- | -------------------- |  |  | ---------------- |  |  | ------------- | -------- |  | ------------- |  | ----- | ----------------- |  |  | ----- |  |  |  | --- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|      |  | Company Revenue |        |  | Crown Royalty |  |         | Freehold Royalty |  |  | ORR Royalty |  |  | Mineral Tax |     |  | Total Royalty Burden |  |     | Net RevAfterRoyalties |  |  | Other Income |  |  | SaskCorpCapTax |        |  | Fixed Oper Expense |  |     | Variable Operating Expense |  |  | Other Expenses |  |  | Total Operating Costs |         |  | AbandonCost &Salvage |  |         | Net Operating Income |  |  | Total Investment |  |  | NET Cash Flow |          |  | CUM Cash Flow |  |       | DiscCashFlow(10%) | 
|      |  | M$              |        |  | M$            |  |         | M$               |  |  | M$          |  |  | M$          |     |  | %                    |  |     | M$                    |  |  | M$           |  |  | M$             |        |  | M$                 |  |     | M$                         |  |  | M$             |  |  | M$                    |         |  | M$                   |  |         | M$                   |  |  | M$               |  |  | M$            |          |  | M$            |  |       | M$                | 
|2013  |  |                 | 6,859  |  |               |  | 1,371.2 |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 20           |  |  |                | 5,488  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 324.7   |  |                      |  | 1,757.9 |                      |  |  | 0.0              |  |  |               | 2,082.5  |  |               |  | 0.0   |                   |  |  | 3,405 |  |  |  | 0.0 |  |  |  | 3,405 |  |  |  | 3,405 |  |  |  | 3,260 | 
|2014  |  |                 | 3,853  |  |               |  | 663.3   |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 17           |  |  |                | 3,190  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 311.2   |  |                      |  | 947.9   |                      |  |  | 0.0              |  |  |               | 1,259.1  |  |               |  | 22.9  |                   |  |  | 1,908 |  |  |  | 0.0 |  |  |  | 1,908 |  |  |  | 5,313 |  |  |  | 1,661 | 
|2015  |  |                 | 2,586  |  |               |  | 360.0   |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 14           |  |  |                | 2,226  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 317.4   |  |                      |  | 649.0   |                      |  |  | 0.0              |  |  |               | 966.4    |  |               |  | 46.8  |                   |  |  | 1,213 |  |  |  | 0.0 |  |  |  | 1,213 |  |  |  | 6,526 |  |  |  | 959   | 
|2016  |  |                 | 1,932  |  |               |  | 206.1   |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 11           |  |  |                | 1,726  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 323.8   |  |                      |  | 494.7   |                      |  |  | 0.0              |  |  |               | 818.5    |  |               |  | 47.8  |                   |  |  | 860   |  |  |  | 0.0 |  |  |  | 860   |  |  |  | 7,385 |  |  |  | 616   | 
|2017  |  |                 | 1,525  |  |               |  | 128.9   |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 8            |  |  |                | 1,396  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 330.3   |  |                      |  | 398.3   |                      |  |  | 0.0              |  |  |               | 728.5    |  |               |  | 44.8  |                   |  |  | 623   |  |  |  | 0.0 |  |  |  | 623   |  |  |  | 8,008 |  |  |  | 405   | 
|2018  |  |                 | 1,256  |  |               |  | 87.6    |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 7            |  |  |                | 1,169  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 336.9   |  |                      |  | 334.7   |                      |  |  | 0.0              |  |  |               | 671.5    |  |               |  | 99.4  |                   |  |  | 398   |  |  |  | 0.0 |  |  |  | 398   |  |  |  | 8,406 |  |  |  | 236   | 
|2019  |  |                 | 1,064  |  |               |  | 63.0    |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 6            |  |  |                | 1,001  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 343.6   |  |                      |  | 289.2   |                      |  |  | 0.0              |  |  |               | 632.8    |  |               |  | 101.4 |                   |  |  | 267   |  |  |  | 0.0 |  |  |  | 267   |  |  |  | 8,673 |  |  |  | 144   | 
|2020  |  |                 | 924    |  |               |  | 47.3    |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 5            |  |  |                | 876    |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 350.5   |  |                      |  | 256.0   |                      |  |  | 0.0              |  |  |               | 606.5    |  |               |  | 47.6  |                   |  |  | 222   |  |  |  | 0.0 |  |  |  | 222   |  |  |  | 8,895 |  |  |  | 109   | 
|2021  |  |                 | 810    |  |               |  | 36.6    |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 5            |  |  |                | 773    |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 357.5   |  |                      |  | 229.0   |                      |  |  | 0.0              |  |  |               | 586.4    |  |               |  | 26.4  |                   |  |  | 161   |  |  |  | 0.0 |  |  |  | 161   |  |  |  | 9,056 |  |  |  | 71    | 
|2022  |  |                 | 722    |  |               |  | 29.1    |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 4            |  |  |                | 693    |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 364.6   |  |                      |  | 208.1   |                      |  |  | 0.0              |  |  |               | 572.7    |  |               |  | 0.0   |                   |  |  | 120   |  |  |  | 0.0 |  |  |  | 120   |  |  |  | 9,176 |  |  |  | 49    | 
|      |  |                 |        |  |               |  |         |                  |  |  |             |  |  |             |     |  |                      |  |     |                       |  |  |              |  |  |                |        |  |                    |  |     |                            |  |  |                |  |  |                       |         |  |                      |  |         |                      |  |  |                  |  |  |               |          |  |               |  |       |                   |  |  |       |  |  |  |     |  |  |  |       |  |  |  |       |  |  |  |       | 
|Sub   |  |                 | 21,531 |  |               |  | 2,993.0 |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 14           |  |  |                | 18,538 |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 3,360.3 |  |                      |  | 5,564.6 |                      |  |  | 0.0              |  |  |               | 8,924.9  |  |               |  | 437.0 |                   |  |  | 9,176 |  |  |  | 0.0 |  |  |  | 9,176 |  |  |  | 9,176 |  |  |  | 7,509 | 
|Rem   |  |                 | 1,242  |  |               |  | 43.2    |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 3            |  |  |                | 1,199  |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 751.3   |  |                      |  | 368.6   |                      |  |  | 0.0              |  |  |               | 1,119.9  |  |               |  | 192.8 |                   |  |  | 114  |  |  |  | 0.0 |  |  |  | 114  |  |  |  | 9,062 |  |  |  | 4    | 
|Total |  |                 | 22,773 |  |               |  | 3,036.2 |                  |  |  | 0.0         |  |  |             | 0.0 |  |                      |  | 0.0 |                       |  |  | 13           |  |  |                | 19,737 |  |                    |  | 0.0 |                            |  |  | 0.0            |  |  |                       | 4,111.6 |  |                      |  | 5,933.2 |                      |  |  | 0.0              |  |  |               | 10,044.8 |  |               |  | 629.8 |                   |  |  | 9,062 |  |  |  | 0.0 |  |  |  | 9,062 |  |  |  | 9,062 |  |  |  | 7,505 | 
|      |  |                 |        |  |               |  |         |                  |  |  |             |  |  |             |     |  |                      |  |     |                       |  |  |              |  |  |                |        |  |                    |  |     |                            |  |  |                |  |  |                       |         |  |                      |  |         |                      |  |  |                  |  |  |               |          |  |               |  |       |                   |  |  |       |  |  |  |     |  |  |  |       |  |  |  |       |  |  |  |       | 



CO. SHARE RESERVES LIFE (years)  Reserves Half Life


2.1RLI (Principal Product)


3.0Reserves Life


12.0RLI (BOE)


3.0 TOTAL RESERVES - SALES  GROSS


WI


CO SH


NETOil (bbl)


373,915



280,436



280,436



243,160Gas (Mcf)


172,213



129,160



129,160



104,165Gas (boe)


28,702



21,527



21,527



17,361*NGL (bbl)


0



0



0



0Cond (bbl)


336



252



252



202Total (boe)


402,953



302,215



302,215



260,722  *
This NGL Value includes only Ethane, Propane and Butane. Condensate and Field Condensate are included in the Condensate line.


NET PRESENT VALUES BEFORE TAX  DiscountRate%

Op IncomeM$


InvestmentM$


Cash FlowM$


NPV/BOE$/BOE0


9,062



0.0



9,062



29.995


8,210



0.0



8,210



27.1710


7,505



0.0



7,505



24.8312


7,260



0.0



7,260



24.0215


6,925



0.0



6,925



22.9220


6,446



0.0



6,446



21.33 CAPITAL (undisc)  Unrisked


RiskedCost Of Prod.

$/BOEPD


0.00



0.00Cost Of Reserves

$/BOE


0.00



0.00Prob Of Success

%


100.00Chance Of

%


100.00


ECONOMIC INDICATORS  BTAX


ATAXUnrisked


Risked


Unrisked


RiskedDiscount Rate (%)


10.0



10.0



10.0



10.0Payout (Yrs)


0.0



0.0



0.0



0.0Discounted Payout (Yrs)


0.0



0.0



0.0



0.0DCF Rate of Return (%)


> 200.0



> 200.0



> 200.0



> 200.0NPV/Undisc Invest


0.0



0.0



0.0



0.0NPV/Disc Invest


0.0



0.0



0.0



0.0NPV/DIS Cap Exposure


0.0



0.0



0.0



0.0NPV/BOEPD (M$/boepd)


27.6



27.6



20.8



20.8 FIRST 12 MONTHS AVG. PERFORMANCE (undisc)  WI


Co. ShareUnrisked


Risked


Unrisked


RiskedProd (3 Mo Ave)

(BOEPD)


303.81



303.81



303.81



303.81Prod (12 Mo Ave)

(BOEPD)


271.72



271.72



271.72



271.72Price

($/BOE)


69.11



69.11



69.11



69.11Royalties

($/BOE)


13.82



13.82



13.82



13.82Operating Costs

($/BOE)


20.98



20.98



20.98



20.98NetBack

($/BOE)


34.31



34.31



34.31



34.31Recycle Ratio

(ratio)


0.00



0.00



0.00



0.00






© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)



|                            |  |                                          
|--------------------------- |  | -----------------------------------------
|Selection : Canada          |  |                                          
|Effective December 31, 2012 |  | Total Proved Developed Producing Reserves

CASH FLOW ATAX



|      |  |                     |         |  |                   |  |     |              |  |  |                        |  |  |                   |         |  |                     |  |         |                |  |  |                 |  |  |                    |     |  |                           |  |     |                           |  |  |                      |  |  |                         |     |  |                       |  |         |                  |  |  |              |  |  |              |     |  |               |  |       |                   |  |  |         |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 
|----- |  | ------------------- | ------- |  | ----------------- |  | --- | ------------ |  |  | ---------------------- |  |  | ----------------- | ------- |  | ------------------- |  | ------- | -------------- |  |  | --------------- |  |  | ------------------ | --- |  | ------------------------- |  | --- | ------------------------- |  |  | -------------------- |  |  | ----------------------- | --- |  | --------------------- |  | ------- | ---------------- |  |  | ------------ |  |  | ------------ | --- |  | ------------- |  | ----- | ----------------- |  |  | ------- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|      |  | IncomeBeforeTaxLoss |         |  | Tax LossGenerated |  |     | TaxLossClaim |  |  | Federal Taxable Income |  |  | Basic Federal Tax |         |  | FederalM&PTaxCredit |  |         | Federal Surtax |  |  | InvestTaxCredit |  |  | Federal Income Tax |     |  | Attributed Royalty Income |  |     | Provincial Taxable Income |  |  | Basic Provincial Tax |  |  | ProvincialM&P TaxCredit |     |  | Provincial Income Tax |  |         | Total Income Tax |  |  | BTAXCashFlow |  |  | ATAXCashFlow |     |  | CUM Cash Flow |  |       | DiscCashFlow(10%) | 
|      |  | M$                  |         |  | M$                |  |     | M$           |  |  | M$                     |  |  | M$                |         |  | M$                  |  |         | M$             |  |  | M$              |  |  | M$                 |     |  | M$                        |  |     | M$                        |  |  | M$                   |  |  | M$                      |     |  | M$                    |  |         | M$               |  |  | M$           |  |  | M$           |     |  | M$            |  |       | M$                | 
|2013  |  |                     | 3,405.3 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 3,405.3 |  |                     |  | 510.8   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 510.8                |  |  |                         | 0.0 |  |                       |  | 3,405.3 |                  |  |  | 340.5        |  |  |              | 0.0 |  |               |  | 340.5 |                   |  |  | 851.3   |  |  |  | 3,405 |  |  |  | 2,554 |  |  |  | 2,554 |  |  |  | 2,451 | 
|2014  |  |                     | 1,907.7 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 1,907.7 |  |                     |  | 283.9   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 283.9                |  |  |                         | 0.0 |  |                       |  | 1,930.7 |                  |  |  | 193.1        |  |  |              | 0.0 |  |               |  | 193.1 |                   |  |  | 476.9   |  |  |  | 1,908 |  |  |  | 1,431 |  |  |  | 3,985 |  |  |  | 1,249 | 
|2015  |  |                     | 1,212.8 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 1,212.8 |  |                     |  | 177.2   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 177.2                |  |  |                         | 0.0 |  |                       |  | 1,259.6 |                  |  |  | 126.0        |  |  |              | 0.0 |  |               |  | 126.0 |                   |  |  | 303.2   |  |  |  | 1,213 |  |  |  | 910   |  |  |  | 4,894 |  |  |  | 721   | 
|2016  |  |                     | 859.7   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 859.7   |  |                     |  | 124.2   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 124.2                |  |  |                         | 0.0 |  |                       |  | 907.4   |                  |  |  | 90.7         |  |  |              | 0.0 |  |               |  | 90.7  |                   |  |  | 214.9   |  |  |  | 860   |  |  |  | 645   |  |  |  | 5,539 |  |  |  | 462   | 
|2017  |  |                     | 622.5   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 622.5   |  |                     |  | 88.9    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 88.9                 |  |  |                         | 0.0 |  |                       |  | 667.3   |                  |  |  | 66.7         |  |  |              | 0.0 |  |               |  | 66.7  |                   |  |  | 155.6   |  |  |  | 623   |  |  |  | 467   |  |  |  | 6,006 |  |  |  | 304   | 
|2018  |  |                     | 397.7   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 397.7   |  |                     |  | 49.7    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 49.7                 |  |  |                         | 0.0 |  |                       |  | 497.1   |                  |  |  | 49.7         |  |  |              | 0.0 |  |               |  | 49.7  |                   |  |  | 99.4    |  |  |  | 398   |  |  |  | 298   |  |  |  | 6,304 |  |  |  | 177   | 
|2019  |  |                     | 267.3   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 267.3   |  |                     |  | 30.0    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 30.0                 |  |  |                         | 0.0 |  |                       |  | 368.6   |                  |  |  | 36.9         |  |  |              | 0.0 |  |               |  | 36.9  |                   |  |  | 66.8    |  |  |  | 267   |  |  |  | 200   |  |  |  | 6,505 |  |  |  | 108   | 
|2020  |  |                     | 222.2   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 222.2   |  |                     |  | 28.6    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 28.6                 |  |  |                         | 0.0 |  |                       |  | 269.8   |                  |  |  | 27.0         |  |  |              | 0.0 |  |               |  | 27.0  |                   |  |  | 55.6    |  |  |  | 222   |  |  |  | 167   |  |  |  | 6,671 |  |  |  | 82    | 
|2021  |  |                     | 160.5   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 160.5   |  |                     |  | 21.4    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 21.4                 |  |  |                         | 0.0 |  |                       |  | 186.9   |                  |  |  | 18.7         |  |  |              | 0.0 |  |               |  | 18.7  |                   |  |  | 40.1    |  |  |  | 161   |  |  |  | 120   |  |  |  | 6,792 |  |  |  | 54    | 
|2022  |  |                     | 120.3   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 120.3   |  |                     |  | 18.0    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 18.0                 |  |  |                         | 0.0 |  |                       |  | 120.3   |                  |  |  | 12.0         |  |  |              | 0.0 |  |               |  | 12.0  |                   |  |  | 30.1    |  |  |  | 120   |  |  |  | 90    |  |  |  | 6,882 |  |  |  | 36    | 
|      |  |                     |         |  |                   |  |     |              |  |  |                        |  |  |                   |         |  |                     |  |         |                |  |  |                 |  |  |                    |     |  |                           |  |     |                           |  |  |                      |  |  |                         |     |  |                       |  |         |                  |  |  |              |  |  |              |     |  |               |  |       |                   |  |  |         |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 
|Sub   |  |                     | 9,176.0 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 9,176.0 |  |                     |  | 1,332.7 |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 1,332.7              |  |  |                         | 0.0 |  |                       |  | 9,613.0 |                  |  |  | 961.3        |  |  |              | 0.0 |  |               |  | 961.3 |                   |  |  | 2,294.0 |  |  |  | 9,176 |  |  |  | 6,882 |  |  |  | 6,882 |  |  |  | 5,643 | 
|Rem   |  |                     | 113.6  |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 113.6  |  |                     |  | 36.3   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 36.3                |  |  |                         | 0.0 |  |                       |  | 79.2    |                  |  |  | 7.9          |  |  |              | 0.0 |  |               |  | 7.9   |                   |  |  | 28.4   |  |  |  | 114  |  |  |  | 85   |  |  |  | 6,797 |  |  |  | 3    | 
|Total |  |                     | 9,062.4 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 9,062.4 |  |                     |  | 1,296.4 |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 1,296.4              |  |  |                         | 0.0 |  |                       |  | 9,692.2 |                  |  |  | 969.2        |  |  |              | 0.0 |  |               |  | 969.2 |                   |  |  | 2,265.6 |  |  |  | 9,062 |  |  |  | 6,797 |  |  |  | 6,797 |  |  |  | 5,640 | 
|      |  |                     |         |  |                   |  |     |              |  |  |                        |  |  |                   |         |  |                     |  |         |                |  |  |                 |  |  |                    |     |  |                           |  |     |                           |  |  |                      |  |  |                         |     |  |                       |  |         |                  |  |  |              |  |  |              |     |  |               |  |       |                   |  |  |         |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 

TAXABLE INCOME



|      |  |                  |        |  |                  |  |         |                        |  |  |                    |  |  |                         |     |  |              |  |          |                   |  |  |                        |  |  |                          |     |  |                        |  |     |       |  |  |     |  |  |     |     |  |                     |  |     |                         |  |  |     |  |  |  |     |  |  |  |     |  |  |  |         | 
|----- |  | ---------------- | ------ |  | ---------------- |  | ------- | ---------------------- |  |  | ------------------ |  |  | ----------------------- | --- |  | ------------ |  | -------- | ----------------- |  |  | ---------------------- |  |  | ------------------------ | --- |  | ---------------------- |  | --- | ----- |  |  | --- |  |  | --- | --- |  | ------------------- |  | --- | ----------------------- |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | ------- | 
|      |  | Resource Revenue |        |  | Resource Royalty |  |         | PlusNon- DeductRoyalty |  |  | Resource Allowance |  |  | Resource Operating Cost |     |  | Resource CCA |  |          | Resource Overhead |  |  | Net Production Royalty |  |  | NetResourceRoyaltyIncome |     |  | NetOtherResourceIncome |  |     | COGPE |  |  | CDE |  |  | CEE |     |  | Depletion Allowance |  |     | Resource Taxable Income | 
|      |  | M$               |        |  | M$               |  |         | M$                     |  |  | M$                 |  |  | M$                      |     |  | M$           |  |          | M$                |  |  | M$                     |  |  | M$                       |     |  | M$                     |  |     | M$    |  |  | M$  |  |  | M$  |     |  | M$                  |  |     | M$                      | 
|2013  |  |                  | 6,859  |  |                  |  | 1,371.2 |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 2,082.5  |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|2014  |  |                  | 3,853  |  |                  |  | 663.3   |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 1,282.1  |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 1,907.7 | 
|2015  |  |                  | 2,586  |  |                  |  | 360.0   |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 1,013.2  |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 1,212.8 | 
|2016  |  |                  | 1,932  |  |                  |  | 206.1   |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 866.2    |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 859.7   | 
|2017  |  |                  | 1,525  |  |                  |  | 128.9   |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 773.3    |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 622.5   | 
|2018  |  |                  | 1,256  |  |                  |  | 87.6    |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 770.9    |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 397.7   | 
|2019  |  |                  | 1,064  |  |                  |  | 63.0    |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 734.2    |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 267.3   | 
|2020  |  |                  | 924    |  |                  |  | 47.3    |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 654.0    |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 222.2   | 
|2021  |  |                  | 810    |  |                  |  | 36.6    |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 612.8    |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 160.5   | 
|2022  |  |                  | 722    |  |                  |  | 29.1    |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 572.7    |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 120.3   | 
|      |  |                  |        |  |                  |  |         |                        |  |  |                    |  |  |                         |     |  |              |  |          |                   |  |  |                        |  |  |                          |     |  |                        |  |     |       |  |  |     |  |  |     |     |  |                     |  |     |                         |  |  |     |  |  |  |     |  |  |  |     |  |  |  |         | 
|Sub   |  |                  | 21,531 |  |                  |  | 2,993.0 |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 9,361.9  |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 9,176.0 | 
|Rem   |  |                  | 1,242  |  |                  |  | 43.2    |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 1,312.7  |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 113.6  | 
|Total |  |                  | 22,773 |  |                  |  | 3,036.2 |                        |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 10,674.6 |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 9,062.4 | 
|      |  |                  |        |  |                  |  |         |                        |  |  |                    |  |  |                         |     |  |              |  |          |                   |  |  |                        |  |  |                          |     |  |                        |  |     |       |  |  |     |  |  |     |     |  |                     |  |     |                         |  |  |     |  |  |  |     |  |  |  |     |  |  |  |         | 



TAX LOSS POOL



|      |  |                       |     |  |            |  |     |                     |  |  |                    |  |  |                       |     |  |           |  |     |           |  |  |                       |  |  |                      |     |  |                |  |     |                |  |  |            |  |  |          |     |  |          |  |     |                |  |  |          |  |  |             |     |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |     | 
|----- |  | --------------------- | --- |  | ---------- |  | --- | ------------------- |  |  | ------------------ |  |  | --------------------- | --- |  | --------- |  | --- | --------- |  |  | --------------------- |  |  | -------------------- | --- |  | -------------- |  | --- | -------------- |  |  | ---------- |  |  | -------- | --- |  | -------- |  | --- | -------------- |  |  | -------- |  |  | ----------- | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- | 
|      |  | Net Processing Income |     |  | Class41CCA |  |     | Processing Overhead |  |  | M&P Taxable Income |  |  | Other Business Income |     |  | Class1CCA |  |     | Class2CCA |  |  | Non Resource Overhead |  |  | Other Taxable Income |     |  | Overheadto CEE |  |     | Overheadto CDE |  |  | COGPE Pool |  |  | CDE Pool |     |  | CEE Pool |  |     | Depletion Pool |  |  | AcriPool |  |  | TaxLossPool |    
|      |  | M$                    |     |  | M$         |  |     | M$                  |  |  | M$                 |  |  | M$                    |     |  | M$        |  |     | M$        |  |  | M$                    |  |  | M$                   |     |  | M$             |  |     | M$             |  |  | M$         |  |  | M$       |     |  | M$       |  |     | M$             |  |  | M$       |  |  | M$          |    
|2013  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2014  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2015  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2016  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2017  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2018  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2019  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2020  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2021  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2022  |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|      |  |                       |     |  |            |  |     |                     |  |  |                    |  |  |                       |     |  |           |  |     |           |  |  |                       |  |  |                      |     |  |                |  |     |                |  |  |            |  |  |          |     |  |          |  |     |                |  |  |          |  |  |             |     |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |     | 
|Sub   |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|Rem   |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|Total |  |                       | 0.0 |  |            |  | 0.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|      |  |                       |     |  |            |  |     |                     |  |  |                    |  |  |                       |     |  |           |  |     |           |  |  |                       |  |  |                      |     |  |                |  |     |                |  |  |            |  |  |          |     |  |          |  |     |                |  |  |          |  |  |             |     |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |     | 






NET PRESENT VALUES AFTER TAX  Discount
Rate %

OpIncomeM$


InvestmentM$


CashFlowM$


NPV/BOE$/BOE0


6,797



0.0



6,797



22.495


6,163



0.0



6,163



20.3910


5,640



0.0



5,640



18.6612


5,458



0.0



5,458



18.0615


5,210



0.0



5,210



17.2420


4,855



0.0



4,855



16.06


CORPORATE OPENING TAX POOLS (M$)  Class 1 Pool


0.00Class 2 Pool


0.00Class 6 Pool


0.00Class 8 Pool


0.00Class 10 Pool


0.00Class 12 Pool


0.00Class 41 Pool


7,848.00Class 43 Pool


0.00Declining Balance Pool


0.00Declining Balance Rate


0.00Straight Line Decline Pool


0.00Straight Line Decline


0.00
%COGPE Pool


43.00CDE Pool


3,118.00CEE Pool


5,885.00Depletion Pool


0.00ACRI Pool


0.00Tax Loss Pool


6,154.00






© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)



|                            |  |                      
|--------------------------- |  | ---------------------
|Selection : Canada          |  |                      
|Effective December 31, 2012 |  | Total Proved Reserves

OIL, GAS & SULPHUR SUMMARY



|      |  |             |     |  |                   |  |     |                |  |  |             |  |  |             |           |  |            |  |     |           |  |  |       |  |  |                |        |  |                |  |     |             |  |  |             |  |  |            |           |  |           |  |           |                  |  |  |           |  |  |              |      |  |                    |  |     |  |  |  |     |  |  |  |      |  |  |  |     |  |  |  |     | 
|----- |  | ----------- | --- |  | ----------------- |  | --- | -------------- |  |  | ----------- |  |  | ----------- | --------- |  | ---------- |  | --- | --------- |  |  | ----- |  |  | -------------- | ------ |  | -------------- |  | --- | ----------- |  |  | ----------- |  |  | ---------- | --------- |  | --------- |  | --------- | ---------------- |  |  | --------- |  |  | ------------ | ---- |  | ------------------ |  | --- |  |  |  | --- |  |  |  | ---- |  |  |  | --- |  |  |  | --- | 
|      |  | COMPANY OIL |     |  | COMPANY SALES GAS |  |     | SULPHUR        |  |  | TOTAL       | 
|      |  | Wells       |     |  | PoolRatesbbl/d    |  |     | PoolVolumesbbl |  |  | WIVolumebbl |  |  | RIVolumebbl |           |  | Price$/bbl |  |     | RevenueM$ |  |  | Wells |  |  | PoolRatesscf/d |        |  | PoolVolumesMcf |  |     | WIVolumeMcf |  |  | RIVolumeMcf |  |  | Price$/Mcf |           |  | RevenueM$ |  |           | Co.ShareVolumelt |  |  | Price$/lt |  |  | WIRatesboe/d |      |  | Co.ShareRatesboe/d | 
|2013  |  |             | 3.0 |  |                   |  | 302 |                |  |  | 110,065.6   |  |  |             | 82,549.2  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 6,606  |  |                |  | 1.0 |             |  |  | 360,453     |  |  |            | 131,565.2 |  |           |  | 98,673.9  |                  |  |  | 0.0       |  |  |              | 2.39 |  |                    |  | 236 |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 272 |  |  |  | 272 | 
|2014  |  |             | 3.0 |  |                   |  | 175 |                |  |  | 63,871.6    |  |  |             | 47,903.7  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 3,833  |  |                |  | 0.0 |             |  |  | 27,862      |  |  |            | 10,169.5  |  |           |  | 7,627.1   |                  |  |  | 0.0       |  |  |              | 2.60 |  |                    |  | 20  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 135 |  |  |  | 135 | 
|2015  |  |             | 3.0 |  |                   |  | 117 |                |  |  | 42,869.8    |  |  |             | 32,152.3  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 2,573  |  |                |  | 1.0 |             |  |  | 280,351     |  |  |            | 102,328.0 |  |           |  | 33,736.8  |                  |  |  | 0.0       |  |  |              | 2.49 |  |                    |  | 84  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 106 |  |  |  | 106 | 
|2016  |  |             | 3.0 |  |                   |  | 88  |                |  |  | 32,039.3    |  |  |             | 24,029.4  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 1,923  |  |                |  | 1.0 |             |  |  | 178,268     |  |  |            | 65,246.0  |  |           |  | 21,678.5  |                  |  |  | 0.0       |  |  |              | 2.50 |  |                    |  | 54  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 77  |  |  |  | 77  | 
|2017  |  |             | 3.0 |  |                   |  | 69  |                |  |  | 25,288.6    |  |  |             | 18,966.4  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 1,518  |  |                |  | 1.0 |             |  |  | 120,482     |  |  |            | 43,975.8  |  |           |  | 14,817.7  |                  |  |  | 0.0       |  |  |              | 2.50 |  |                    |  | 37  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 60  |  |  |  | 60  | 
|2018  |  |             | 3.0 |  |                   |  | 57  |                |  |  | 20,832.4    |  |  |             | 15,624.3  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 1,250  |  |                |  | 1.0 |             |  |  | 85,584      |  |  |            | 31,238.0  |  |           |  | 10,741.5  |                  |  |  | 0.0       |  |  |              | 2.50 |  |                    |  | 27  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 49  |  |  |  | 49  | 
|2019  |  |             | 3.0 |  |                   |  | 48  |                |  |  | 17,650.9    |  |  |             | 13,238.2  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 1,059  |  |                |  | 1.0 |             |  |  | 62,988      |  |  |            | 22,990.6  |  |           |  | 8,065.6   |                  |  |  | 0.0       |  |  |              | 2.51 |  |                    |  | 20  |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 41  |  |  |  | 41  | 
|2020  |  |             | 3.0 |  |                   |  | 42  |                |  |  | 15,316.3    |  |  |             | 11,487.2  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 919    |  |                |  | 1.0 |             |  |  | 15,831      |  |  |            | 5,794.3   |  |           |  | 2,751.7   |                  |  |  | 0.0       |  |  |              | 2.55 |  |                    |  | 7   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 33  |  |  |  | 33  | 
|2021  |  |             | 3.0 |  |                   |  | 37  |                |  |  | 13,430.5    |  |  |             | 10,072.9  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 806    |  |                |  | 0.0 |             |  |  | 5,396       |  |  |            | 1,969.5   |  |           |  | 1,477.1   |                  |  |  | 0.0       |  |  |              | 2.60 |  |                    |  | 4   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 28  |  |  |  | 28  | 
|2022  |  |             | 3.0 |  |                   |  | 33  |                |  |  | 11,964.9    |  |  |             | 8,973.7   |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 718    |  |                |  | 0.0 |             |  |  | 5,592       |  |  |            | 2,041.2   |  |           |  | 1,530.9   |                  |  |  | 0.0       |  |  |              | 2.60 |  |                    |  | 4   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  | 25  |  |  |  | 25  | 
|      |  |             |     |  |                   |  |     |                |  |  |             |  |  |             |           |  |            |  |     |           |  |  |       |  |  |                |        |  |                |  |     |             |  |  |             |  |  |            |           |  |           |  |           |                  |  |  |           |  |  |              |      |  |                    |  |     |  |  |  |     |  |  |  |      |  |  |  |     |  |  |  |     | 
|Sub   |  |             |     |  |                   |  |     |                |  |  | 353,329.8   |  |  |             | 264,997.4 |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 21,205 |  |                |  |     |             |  |  |             |  |  |            | 417,318.1 |  |           |  | 201,100.8 |                  |  |  | 0.0       |  |  |              | 2.45 |  |                    |  | 493 |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  |     |  |  |  |     | 
|Rem   |  |             |     |  |                   |  |     |                |  |  | 20,585.2    |  |  |             | 15,438.9  |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 1,235  |  |                |  |     |             |  |  |             |  |  |            | 3,534.1   |  |           |  | 2,650.6   |                  |  |  | 0.0       |  |  |              | 2.60 |  |                    |  | 7   |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  |     |  |  |  |     | 
|Total |  |             |     |  |                   |  |     |                |  |  | 373,915.0   |  |  |             | 280,436.3 |  |            |  | 0.0 |           |  |  | 80.02 |  |  |                | 22,441 |  |                |  |     |             |  |  |             |  |  |            | 420,852.1 |  |           |  | 203,751.4 |                  |  |  | 0.0       |  |  |              | 2.45 |  |                    |  | 500 |  |  |  | 0.0 |  |  |  | 0.00 |  |  |  |     |  |  |  |     | 
|      |  |             |     |  |                   |  |     |                |  |  |             |  |  |             |           |  |            |  |     |           |  |  |       |  |  |                |        |  |                |  |     |             |  |  |             |  |  |            |           |  |           |  |           |                  |  |  |           |  |  |              |      |  |                    |  |     |  |  |  |     |  |  |  |      |  |  |  |     |  |  |  |     | 

NGL SUMMARY



|      |  |            |         |  |           |  |     |         |  |  |                 |  |  |           |      |  |           |  |     |       |  |  |                 |  |  |           |      |  |           |  |     |       |  |  |                 |  |  |           |     |  |           |  |       |       |  |  |                 |  |  |           |       |  |            |  |     |               |  |  |       |  |  |  |      |  |  |  |         |  |  |  |     |  |  |  |         | 
|----- |  | ---------- | ------- |  | --------- |  | --- | ------- |  |  | --------------- |  |  | --------- | ---- |  | --------- |  | --- | ----- |  |  | --------------- |  |  | --------- | ---- |  | --------- |  | --- | ----- |  |  | --------------- |  |  | --------- | --- |  | --------- |  | ----- | ----- |  |  | --------------- |  |  | --------- | ----- |  | ---------- |  | --- | ------------- |  |  | ----- |  |  |  | ---- |  |  |  | ------- |  |  |  | --- |  |  |  | ------- | 
|      |  | CONDENSATE |         |  | ETHANE    |  |     | PROPANE |  |  | BUTANE          |  |  | TOTAL NGL |     
|      |  | WI Volume  |         |  | RI Volume |  |     | Price   |  |  | Co.ShareRevenue |  |  | WI Volume |      |  | RI Volume |  |     | Price |  |  | Co.ShareRevenue |  |  | WI Volume |      |  | RI Volume |  |     | Price |  |  | Co.ShareRevenue |  |  | WI Volume |     |  | RI Volume |  |       | Price |  |  | Co.ShareRevenue |  |  | WI Volume |       |  | RI Volumes |  |     | CS NetVolumes | 
|      |  | bbl        |         |  | bbl       |  |     | $/bbl   |  |  | M$              |  |  | bbl       |      |  | bbl       |  |     | $/bbl |  |  | M$              |  |  | bbl       |      |  | bbl       |  |     | $/bbl |  |  | M$              |  |  | bbl       |     |  | bbl       |  |       | $/bbl |  |  | M$              |  |  | bbl       |       |  | bbl        |  |     | bbl           | 
|2013  |  |            | 252.0   |  |           |  | 0.0 |         |  |  | 69.01           |  |  |           | 17.4 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.0 |  |           |  | 0.00  |       |  |  | 0.0             |  |  |           | 0.0   |  |            |  | 0.0 |               |  |  | 0.00  |  |  |  | 0.0  |  |  |  | 252.0   |  |  |  | 0.0 |  |  |  | 201.6   | 
|2014  |  |            | 0.0     |  |           |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.0 |  |           |  | 0.00  |       |  |  | 0.0             |  |  |           | 0.0   |  |            |  | 0.0 |               |  |  | 0.00  |  |  |  | 0.0  |  |  |  | 0.0     |  |  |  | 0.0 |  |  |  | 0.0     | 
|2015  |  |            | 349.8   |  |           |  | 0.0 |         |  |  | 87.11           |  |  |           | 30.5 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 341.2           |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 14.8            |  |  |           | 289.6 |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 20.1 |  |  |  | 980.6   |  |  |  | 0.0 |  |  |  | 789.7   | 
|2016  |  |            | 221.7   |  |           |  | 0.0 |         |  |  | 87.11           |  |  |           | 19.3 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 216.2           |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 9.4             |  |  |           | 183.5 |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 12.8 |  |  |  | 621.4   |  |  |  | 0.0 |  |  |  | 338.3   | 
|2017  |  |            | 147.7   |  |           |  | 0.0 |         |  |  | 87.11           |  |  |           | 12.9 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 144.1           |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 6.2             |  |  |           | 122.3 |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 8.5  |  |  |  | 414.1   |  |  |  | 0.0 |  |  |  | 225.4   | 
|2018  |  |            | 103.2   |  |           |  | 0.0 |         |  |  | 87.11           |  |  |           | 9.0  |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 100.7           |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 4.4             |  |  |           | 85.4  |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 5.9  |  |  |  | 289.3   |  |  |  | 0.0 |  |  |  | 157.5   | 
|2019  |  |            | 74.6    |  |           |  | 0.0 |         |  |  | 87.11           |  |  |           | 6.5  |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 72.8            |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 3.1             |  |  |           | 61.8  |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 4.3  |  |  |  | 209.2   |  |  |  | 0.0 |  |  |  | 113.9   | 
|2020  |  |            | 13.0    |  |           |  | 0.0 |         |  |  | 87.11           |  |  |           | 1.1  |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 12.6            |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 0.5             |  |  |           | 10.7  |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 0.7  |  |  |  | 36.3    |  |  |  | 0.0 |  |  |  | 19.8    | 
|2021  |  |            | 0.0     |  |           |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.0 |  |           |  | 0.00  |       |  |  | 0.0             |  |  |           | 0.0   |  |            |  | 0.0 |               |  |  | 0.00  |  |  |  | 0.0  |  |  |  | 0.0     |  |  |  | 0.0 |  |  |  | 0.0     | 
|2022  |  |            | 0.0     |  |           |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.0 |  |           |  | 0.00  |       |  |  | 0.0             |  |  |           | 0.0   |  |            |  | 0.0 |               |  |  | 0.00  |  |  |  | 0.0  |  |  |  | 0.0     |  |  |  | 0.0 |  |  |  | 0.0     | 
|      |  |            |         |  |           |  |     |         |  |  |                 |  |  |           |      |  |           |  |     |       |  |  |                 |  |  |           |      |  |           |  |     |       |  |  |                 |  |  |           |     |  |           |  |       |       |  |  |                 |  |  |           |       |  |            |  |     |               |  |  |       |  |  |  |      |  |  |  |         |  |  |  |     |  |  |  |         | 
|Sub   |  |            | 1,162.0 |  |           |  | 0.0 |         |  |  | 83.19           |  |  |           | 96.7 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 887.6           |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 38.4            |  |  |           | 753.4 |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 52.4 |  |  |  | 2,803.0 |  |  |  | 0.0 |  |  |  | 1,846.1 | 
|Rem   |  |            | 0.0     |  |           |  | 0.0 |         |  |  | 0.00            |  |  |           | 0.0  |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.0 |  |           |  | 0.00  |       |  |  | 0.0             |  |  |           | 0.0   |  |            |  | 0.0 |               |  |  | 0.00  |  |  |  | 0.0  |  |  |  | 0.0     |  |  |  | 0.0 |  |  |  | 0.0     | 
|Total |  |            | 1,162.0 |  |           |  | 0.0 |         |  |  | 83.19           |  |  |           | 96.7 |  |           |  | 0.0 |       |  |  | 0.0             |  |  |           | 0.00 |  |           |  | 0.0 |       |  |  | 887.6           |  |  |           | 0.0 |  |           |  | 43.25 |       |  |  | 38.4            |  |  |           | 753.4 |  |            |  | 0.0 |               |  |  | 69.56 |  |  |  | 52.4 |  |  |  | 2,803.0 |  |  |  | 0.0 |  |  |  | 1,846.1 | 
|      |  |            |         |  |           |  |     |         |  |  |                 |  |  |           |      |  |           |  |     |       |  |  |                 |  |  |           |      |  |           |  |     |       |  |  |                 |  |  |           |     |  |           |  |       |       |  |  |                 |  |  |           |       |  |            |  |     |               |  |  |       |  |  |  |      |  |  |  |         |  |  |  |     |  |  |  |         | 



CASH FLOW BTAX



|      |  |                |        |  |              |  |         |                 |  |  |            |  |  |            |      |  |                    |  |     |                       |  |  |             |  |  |                |        |  |                  |  |     |                          |  |  |               |  |  |                     |         |  |                      |  |         |                    |  |  |                 |  |  |             |          |  |             |  |       |                   |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 
|----- |  | -------------- | ------ |  | ------------ |  | ------- | --------------- |  |  | ---------- |  |  | ---------- | ---- |  | ------------------ |  | --- | --------------------- |  |  | ----------- |  |  | -------------- | ------ |  | ---------------- |  | --- | ------------------------ |  |  | ------------- |  |  | ------------------- | ------- |  | -------------------- |  | ------- | ------------------ |  |  | --------------- |  |  | ----------- | -------- |  | ----------- |  | ----- | ----------------- |  |  | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|      |  | CompanyRevenue |        |  | CrownRoyalty |  |         | FreeholdRoyalty |  |  | ORRRoyalty |  |  | MineralTax |      |  | TotalRoyaltyBurden |  |     | Net RevAfterRoyalties |  |  | OtherIncome |  |  | SaskCorpCapTax |        |  | FixedOperExpense |  |     | VariableOperatingExpense |  |  | OtherExpenses |  |  | TotalOperatingCosts |         |  | AbandonCost &Salvage |  |         | NetOperatingIncome |  |  | TotalInvestment |  |  | NETCashFlow |          |  | CUMCashFlow |  |       | DiscCashFlow(10%) | 
|      |  | M$             |        |  | M$           |  |         | M$              |  |  | M$         |  |  | M$         |      |  | %                  |  |     | M$                    |  |  | M$          |  |  | M$             |        |  | M$               |  |     | M$                       |  |  | M$            |  |  | M$                  |         |  | M$                   |  |         | M$                 |  |  | M$              |  |  | M$          |          |  | M$          |  |       | M$                | 
|2013  |  |                | 6,859  |  |              |  | 1,371.2 |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 20          |  |  |                | 5,488  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 324.7   |  |                      |  | 1,757.9 |                    |  |  | 0.0             |  |  |             | 2,082.5  |  |             |  | 0.0   |                   |  |  | 3,405 |  |  |  | 0.0   |  |  |  | 3,405 |  |  |  | 3,405 |  |  |  | 3,260 | 
|2014  |  |                | 3,853  |  |              |  | 663.3   |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 17          |  |  |                | 3,190  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 311.2   |  |                      |  | 947.9   |                    |  |  | 0.0             |  |  |             | 1,259.1  |  |             |  | 22.9  |                   |  |  | 1,908 |  |  |  | 153.0 |  |  |  | 1,755 |  |  |  | 5,160 |  |  |  | 1,534 | 
|2015  |  |                | 2,722  |  |              |  | 366.1   |                 |  |  | 0.0        |  |  |            | 7.7  |  |                    |  | 0.0 |                       |  |  | 14          |  |  |                | 2,349  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 333.8   |  |                      |  | 675.8   |                    |  |  | 0.0             |  |  |             | 1,009.6  |  |             |  | 46.8  |                   |  |  | 1,292 |  |  |  | 0.0   |  |  |  | 1,292 |  |  |  | 6,452 |  |  |  | 1,022 | 
|2016  |  |                | 2,018  |  |              |  | 212.2   |                 |  |  | 0.0        |  |  |            | 3.1  |  |                    |  | 0.0 |                       |  |  | 11          |  |  |                | 1,803  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 340.5   |  |                      |  | 512.1   |                    |  |  | 0.0             |  |  |             | 852.5    |  |             |  | 47.8  |                   |  |  | 903   |  |  |  | 0.0   |  |  |  | 903   |  |  |  | 7,355 |  |  |  | 647   | 
|2017  |  |                | 1,582  |  |              |  | 130.6   |                 |  |  | 0.0        |  |  |            | 0.7  |  |                    |  | 0.0 |                       |  |  | 8           |  |  |                | 1,451  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 347.3   |  |                      |  | 410.1   |                    |  |  | 0.0             |  |  |             | 757.4    |  |             |  | 44.8  |                   |  |  | 649   |  |  |  | 0.0   |  |  |  | 649   |  |  |  | 8,004 |  |  |  | 423   | 
|2018  |  |                | 1,296  |  |              |  | 87.0    |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 7           |  |  |                | 1,209  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 354.2   |  |                      |  | 343.1   |                    |  |  | 0.0             |  |  |             | 697.3    |  |             |  | 99.4  |                   |  |  | 413   |  |  |  | 0.0   |  |  |  | 413   |  |  |  | 8,417 |  |  |  | 244   | 
|2019  |  |                | 1,093  |  |              |  | 61.2    |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 6           |  |  |                | 1,032  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 361.3   |  |                      |  | 295.4   |                    |  |  | 0.0             |  |  |             | 656.8    |  |             |  | 101.4 |                   |  |  | 274   |  |  |  | 0.0   |  |  |  | 274   |  |  |  | 8,691 |  |  |  | 148   | 
|2020  |  |                | 929    |  |              |  | 46.9    |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 5           |  |  |                | 882    |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 354.3   |  |                      |  | 257.1   |                    |  |  | 0.0             |  |  |             | 611.4    |  |             |  | 47.6  |                   |  |  | 223   |  |  |  | 0.0   |  |  |  | 223   |  |  |  | 8,913 |  |  |  | 109   | 
|2021  |  |                | 810    |  |              |  | 36.6    |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 5           |  |  |                | 773    |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 357.5   |  |                      |  | 229.0   |                    |  |  | 0.0             |  |  |             | 586.4    |  |             |  | 26.4  |                   |  |  | 161   |  |  |  | 0.0   |  |  |  | 161   |  |  |  | 9,074 |  |  |  | 71    | 
|2022  |  |                | 722    |  |              |  | 29.1    |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 4           |  |  |                | 693    |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 364.6   |  |                      |  | 208.1   |                    |  |  | 0.0             |  |  |             | 572.7    |  |             |  | 0.0   |                   |  |  | 120   |  |  |  | 0.0   |  |  |  | 120   |  |  |  | 9,194 |  |  |  | 49    | 
|      |  |                |        |  |              |  |         |                 |  |  |            |  |  |            |      |  |                    |  |     |                       |  |  |             |  |  |                |        |  |                  |  |     |                          |  |  |               |  |  |                     |         |  |                      |  |         |                    |  |  |                 |  |  |             |          |  |             |  |       |                   |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 
|Sub   |  |                | 21,886 |  |              |  | 3,004.1 |                 |  |  | 0.0        |  |  |            | 11.5 |  |                    |  | 0.0 |                       |  |  | 14          |  |  |                | 18,870 |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 3,449.5 |  |                      |  | 5,636.3 |                    |  |  | 0.0             |  |  |             | 9,085.7  |  |             |  | 437.0 |                   |  |  | 9,347 |  |  |  | 153.0 |  |  |  | 9,194 |  |  |  | 9,194 |  |  |  | 7,506 | 
|Rem   |  |                | 1,242  |  |              |  | 43.2    |                 |  |  | 0.0        |  |  |            | 0.0  |  |                    |  | 0.0 |                       |  |  | 3           |  |  |                | 1,199  |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 751.3   |  |                      |  | 368.6   |                    |  |  | 0.0             |  |  |             | 1,119.9  |  |             |  | 192.8 |                   |  |  | 114  |  |  |  | 0.0   |  |  |  | 114  |  |  |  | 9,081 |  |  |  | 4    | 
|Total |  |                | 23,128 |  |              |  | 3,047.4 |                 |  |  | 0.0        |  |  |            | 11.5 |  |                    |  | 0.0 |                       |  |  | 13          |  |  |                | 20,069 |  |                  |  | 0.0 |                          |  |  | 0.0           |  |  |                     | 4,200.7 |  |                      |  | 6,004.9 |                    |  |  | 0.0             |  |  |             | 10,205.6 |  |             |  | 629.8 |                   |  |  | 9,234 |  |  |  | 153.0 |  |  |  | 9,081 |  |  |  | 9,081 |  |  |  | 7,502 | 
|      |  |                |        |  |              |  |         |                 |  |  |            |  |  |            |      |  |                    |  |     |                       |  |  |             |  |  |                |        |  |                  |  |     |                          |  |  |               |  |  |                     |         |  |                      |  |         |                    |  |  |                 |  |  |             |          |  |             |  |       |                   |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 



CO. SHARE RESERVES LIFE (years)  Reserves Half Life


2.2RLI (Principal Product)


3.2Reserves Life


12.0RLI (BOE)


3.2 TOTAL RESERVES - SALES  GROSS


WI


CO SH


NETOil (bbl)


373,915



280,436



280,436



243,160Gas (Mcf)


420,852



203,751



203,751



164,718Gas (boe)


70,142



33,959



33,959



27,453*NGL (bbl)


5,470



1,641



1,641



1,099Cond (bbl)


3,369



1,162



1,162



747Total (boe)


452,897



317,198



317,198



272,459  *
This NGL Value includes only Ethane, Propane and Butane. Condensate and Field Condensate are included in the Condensate line.


NET PRESENT VALUES BEFORE TAX  Discount
Rate %

Op IncomeM$


InvestmentM$


Cash FlowM$


NPV/BOE$/BOE0


9,234



153.0



9,081



28.635


8,355



139.1



8,216



25.9010


7,629



127.0



7,502



23.6512


7,376



122.6



7,253



22.8715


7,032



116.4



6,916



21.8020


6,539



107.1



6,432



20.28 CAPITAL (undisc)  Unrisked


RiskedCost Of Prod.

$/BOEPD


563.07



563.07Cost Of Reserves

$/BOE


0.48



0.48Prob Of Success

%


100.00Chance Of

%


100.00


ECONOMIC INDICATORS  BTAX


ATAXUnrisked


Risked


Unrisked


RiskedDiscount Rate (%)


10.0



10.0



10.0



10.0Payout (Yrs)


0.0



0.0



0.0



0.0Discounted Payout (Yrs)


0.0



0.0



0.0



0.0DCF Rate of Return (%)


> 200.0



> 200.0



> 200.0



> 200.0NPV/Undisc Invest


49.0



49.0



36.8



36.8NPV/Disc Invest


59.1



59.1



44.3



44.3NPV/DIS Cap Exposure


59.1



59.1



44.3



44.3NPV/BOEPD (M$/boepd)


27.6



27.6



20.7



20.7 FIRST 12 MONTHS AVG. PERFORMANCE (undisc)  WI


Co. ShareUnrisked


Risked


Unrisked


RiskedProd (3 Mo Ave)

(BOEPD)


303.81



303.81



303.81



303.81Prod (12 Mo Ave)

(BOEPD)


271.72



271.72



271.72



271.72Price

($/BOE)


69.11



69.11



69.11



69.11Royalties

($/BOE)


13.82



13.82



13.82



13.82Operating Costs

($/BOE)


20.98



20.98



20.98



20.98NetBack

($/BOE)


34.31



34.31



34.31



34.31Recycle Ratio

(ratio)


71.13



71.13



71.13



71.13






© Deloitte LLP and
affiliated entities.



---

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1, 2012 Constant Pricing (CAD)



|                            |  |                      
|--------------------------- |  | ---------------------
|Selection : Canada          |  |                      
|Effective December 31, 2012 |  | Total Proved Reserves

CASH FLOW ATAX



|      |  |                     |         |  |                   |  |     |              |  |  |                        |  |  |                   |         |  |                     |  |         |                |  |  |                 |  |  |                    |     |  |                           |  |     |                           |  |  |                      |  |  |                         |     |  |                       |  |         |                  |  |  |              |  |  |              |     |  |               |  |       |                   |  |  |         |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 
|----- |  | ------------------- | ------- |  | ----------------- |  | --- | ------------ |  |  | ---------------------- |  |  | ----------------- | ------- |  | ------------------- |  | ------- | -------------- |  |  | --------------- |  |  | ------------------ | --- |  | ------------------------- |  | --- | ------------------------- |  |  | -------------------- |  |  | ----------------------- | --- |  | --------------------- |  | ------- | ---------------- |  |  | ------------ |  |  | ------------ | --- |  | ------------- |  | ----- | ----------------- |  |  | ------- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|      |  | IncomeBeforeTaxLoss |         |  | Tax LossGenerated |  |     | TaxLossClaim |  |  | Federal Taxable Income |  |  | Basic Federal Tax |         |  | FederalM&PTaxCredit |  |         | Federal Surtax |  |  | InvestTaxCredit |  |  | Federal Income Tax |     |  | Attributed Royalty Income |  |     | Provincial Taxable Income |  |  | Basic Provincial Tax |  |  | ProvincialM&P TaxCredit |     |  | Provincial Income Tax |  |         | Total Income Tax |  |  | BTAXCashFlow |  |  | ATAXCashFlow |     |  | CUM Cash Flow |  |       | DiscCashFlow(10%) | 
|      |  | M$                  |         |  | M$                |  |     | M$           |  |  | M$                     |  |  | M$                |         |  | M$                  |  |         | M$             |  |  | M$              |  |  | M$                 |     |  | M$                        |  |     | M$                        |  |  | M$                   |  |  | M$                      |     |  | M$                    |  |         | M$               |  |  | M$           |  |  | M$           |     |  | M$            |  |       | M$                | 
|2013  |  |                     | 3,405.3 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 3,405.3 |  |                     |  | 510.8   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 510.8                |  |  |                         | 0.0 |  |                       |  | 3,405.3 |                  |  |  | 340.5        |  |  |              | 0.0 |  |               |  | 340.5 |                   |  |  | 851.3   |  |  |  | 3,405 |  |  |  | 2,554 |  |  |  | 2,554 |  |  |  | 2,451 | 
|2014  |  |                     | 1,888.6 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 1,888.6 |  |                     |  | 281.0   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 281.0                |  |  |                         | 0.0 |  |                       |  | 1,911.6 |                  |  |  | 191.2        |  |  |              | 0.0 |  |               |  | 191.2 |                   |  |  | 472.2   |  |  |  | 1,755 |  |  |  | 1,283 |  |  |  | 3,837 |  |  |  | 1,126 | 
|2015  |  |                     | 1,258.6 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 1,258.6 |  |                     |  | 184.1   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 184.1                |  |  |                         | 0.0 |  |                       |  | 1,305.4 |                  |  |  | 130.5        |  |  |              | 0.0 |  |               |  | 130.5 |                   |  |  | 314.7   |  |  |  | 1,292 |  |  |  | 977   |  |  |  | 4,814 |  |  |  | 775   | 
|2016  |  |                     | 877.7   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 877.7   |  |                     |  | 126.9   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 126.9                |  |  |                         | 0.0 |  |                       |  | 925.4   |                  |  |  | 92.5         |  |  |              | 0.0 |  |               |  | 92.5  |                   |  |  | 219.4   |  |  |  | 903   |  |  |  | 683   |  |  |  | 5,497 |  |  |  | 490   | 
|2017  |  |                     | 630.0   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 630.0   |  |                     |  | 90.0    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 90.0                 |  |  |                         | 0.0 |  |                       |  | 674.8   |                  |  |  | 67.5         |  |  |              | 0.0 |  |               |  | 67.5  |                   |  |  | 157.5   |  |  |  | 649   |  |  |  | 491   |  |  |  | 5,989 |  |  |  | 320   | 
|2018  |  |                     | 398.6   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 398.6   |  |                     |  | 49.9    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 49.9                 |  |  |                         | 0.0 |  |                       |  | 498.0   |                  |  |  | 49.8         |  |  |              | 0.0 |  |               |  | 49.8  |                   |  |  | 99.7    |  |  |  | 413   |  |  |  | 313   |  |  |  | 6,302 |  |  |  | 185   | 
|2019  |  |                     | 263.5   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 263.5   |  |                     |  | 29.4    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 29.4                 |  |  |                         | 0.0 |  |                       |  | 364.9   |                  |  |  | 36.5         |  |  |              | 0.0 |  |               |  | 36.5  |                   |  |  | 65.9    |  |  |  | 274   |  |  |  | 208   |  |  |  | 6,510 |  |  |  | 112   | 
|2020  |  |                     | 214.9   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 214.9   |  |                     |  | 27.5    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 27.5                 |  |  |                         | 0.0 |  |                       |  | 262.4   |                  |  |  | 26.2         |  |  |              | 0.0 |  |               |  | 26.2  |                   |  |  | 53.7    |  |  |  | 223   |  |  |  | 169   |  |  |  | 6,679 |  |  |  | 83    | 
|2021  |  |                     | 154.6   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 154.6   |  |                     |  | 20.5    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 20.5                 |  |  |                         | 0.0 |  |                       |  | 180.9   |                  |  |  | 18.1         |  |  |              | 0.0 |  |               |  | 18.1  |                   |  |  | 38.6    |  |  |  | 161   |  |  |  | 122   |  |  |  | 6,801 |  |  |  | 54    | 
|2022  |  |                     | 115.8   |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 115.8   |  |                     |  | 17.4    |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 17.4                 |  |  |                         | 0.0 |  |                       |  | 115.8   |                  |  |  | 11.6         |  |  |              | 0.0 |  |               |  | 11.6  |                   |  |  | 29.0    |  |  |  | 120   |  |  |  | 91    |  |  |  | 6,892 |  |  |  | 37    | 
|      |  |                     |         |  |                   |  |     |              |  |  |                        |  |  |                   |         |  |                     |  |         |                |  |  |                 |  |  |                    |     |  |                           |  |     |                           |  |  |                      |  |  |                         |     |  |                       |  |         |                  |  |  |              |  |  |              |     |  |               |  |       |                   |  |  |         |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 
|Sub   |  |                     | 9,207.6 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 9,207.6 |  |                     |  | 1,337.4 |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 1,337.4              |  |  |                         | 0.0 |  |                       |  | 9,644.6 |                  |  |  | 964.5        |  |  |              | 0.0 |  |               |  | 964.5 |                   |  |  | 2,301.9 |  |  |  | 9,194 |  |  |  | 6,892 |  |  |  | 6,892 |  |  |  | 5,633 | 
|Rem   |  |                     | 127.0  |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 127.0  |  |                     |  | 38.3   |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 38.3                |  |  |                         | 0.0 |  |                       |  | 65.8    |                  |  |  | 6.6          |  |  |              | 0.0 |  |               |  | 6.6   |                   |  |  | 31.7   |  |  |  | 114  |  |  |  | 82   |  |  |  | 6,810 |  |  |  | 2    | 
|Total |  |                     | 9,080.7 |  |                   |  | 0.0 |              |  |  | 0.0                    |  |  |                   | 9,080.7 |  |                     |  | 1,299.1 |                |  |  | 0.0             |  |  |                    | 0.0 |  |                           |  | 0.0 |                           |  |  | 1,299.1              |  |  |                         | 0.0 |  |                       |  | 9,710.4 |                  |  |  | 971.0        |  |  |              | 0.0 |  |               |  | 971.0 |                   |  |  | 2,270.2 |  |  |  | 9,081 |  |  |  | 6,810 |  |  |  | 6,810 |  |  |  | 5,630 | 
|      |  |                     |         |  |                   |  |     |              |  |  |                        |  |  |                   |         |  |                     |  |         |                |  |  |                 |  |  |                    |     |  |                           |  |     |                           |  |  |                      |  |  |                         |     |  |                       |  |         |                  |  |  |              |  |  |              |     |  |               |  |       |                   |  |  |         |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |       | 

TAXABLE INCOME



|      |  |                  |        |  |                  |  |         |                       |  |  |                    |  |  |                         |     |  |              |  |          |                   |  |  |                        |  |  |                          |     |  |                        |  |     |       |  |  |       |  |  |     |     |  |                     |  |     |                         |  |  |     |  |  |  |     |  |  |  |     |  |  |  |         | 
|----- |  | ---------------- | ------ |  | ---------------- |  | ------- | --------------------- |  |  | ------------------ |  |  | ----------------------- | --- |  | ------------ |  | -------- | ----------------- |  |  | ---------------------- |  |  | ------------------------ | --- |  | ---------------------- |  | --- | ----- |  |  | ----- |  |  | --- | --- |  | ------------------- |  | --- | ----------------------- |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | ------- | 
|      |  | Resource Revenue |        |  | Resource Royalty |  |         | PlusNon-DeductRoyalty |  |  | Resource Allowance |  |  | Resource Operating Cost |     |  | Resource CCA |  |          | Resource Overhead |  |  | Net Production Royalty |  |  | NetResourceRoyaltyIncome |     |  | NetOtherResourceIncome |  |     | COGPE |  |  | CDE   |  |  | CEE |     |  | Depletion Allowance |  |     | Resource Taxable Income | 
|      |  | M$               |        |  | M$               |  |         | M$                    |  |  | M$                 |  |  | M$                      |     |  | M$           |  |          | M$                |  |  | M$                     |  |  | M$                       |     |  | M$                     |  |     | M$    |  |  | M$    |  |  | M$  |     |  | M$                  |  |     | M$                      | 
|2013  |  |                  | 6,859  |  |                  |  | 1,371.2 |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 2,082.5  |                   |  |  | 0.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 3,405.3 | 
|2014  |  |                  | 3,853  |  |                  |  | 663.3   |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 1,282.1  |                   |  |  | 19.1                   |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 1,888.6 | 
|2015  |  |                  | 2,722  |  |                  |  | 366.1   |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 1,056.4  |                   |  |  | 33.5                   |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 7.7  |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 1,258.6 | 
|2016  |  |                  | 2,018  |  |                  |  | 212.2   |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 900.3    |                   |  |  | 25.1                   |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 3.1  |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 877.7   | 
|2017  |  |                  | 1,582  |  |                  |  | 130.6   |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 802.2    |                   |  |  | 18.8                   |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.7  |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 630.0   | 
|2018  |  |                  | 1,296  |  |                  |  | 87.0    |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 796.7    |                   |  |  | 14.1                   |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 398.6   | 
|2019  |  |                  | 1,093  |  |                  |  | 61.2    |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 758.1    |                   |  |  | 10.6                   |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 263.5   | 
|2020  |  |                  | 929    |  |                  |  | 46.9    |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 658.9    |                   |  |  | 7.9                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 214.9   | 
|2021  |  |                  | 810    |  |                  |  | 36.6    |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 612.8    |                   |  |  | 6.0                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 154.6   | 
|2022  |  |                  | 722    |  |                  |  | 29.1    |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 572.7    |                   |  |  | 4.5                    |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 115.8   | 
|      |  |                  |        |  |                  |  |         |                       |  |  |                    |  |  |                         |     |  |              |  |          |                   |  |  |                        |  |  |                          |     |  |                        |  |     |       |  |  |       |  |  |     |     |  |                     |  |     |                         |  |  |     |  |  |  |     |  |  |  |     |  |  |  |         | 
|Sub   |  |                  | 21,886 |  |                  |  | 3,004.1 |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 9,522.7  |                   |  |  | 139.6                  |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 11.5 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 9,207.6 | 
|Rem   |  |                  | 1,242  |  |                  |  | 43.2    |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 1,312.7  |                   |  |  | 13.4                   |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 0.0   |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 127.0  | 
|Total |  |                  | 23,128 |  |                  |  | 3,047.4 |                       |  |  | 0.0                |  |  |                         | 0.0 |  |              |  | 10,835.4 |                   |  |  | 153.0                  |  |  |                          | 0.0 |  |                        |  | 0.0 |       |  |  | 11.5 |  |  |     | 0.0 |  |                     |  | 0.0 |                         |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 9,080.7 | 
|      |  |                  |        |  |                  |  |         |                       |  |  |                    |  |  |                         |     |  |              |  |          |                   |  |  |                        |  |  |                          |     |  |                        |  |     |       |  |  |       |  |  |     |     |  |                     |  |     |                         |  |  |     |  |  |  |     |  |  |  |     |  |  |  |         | 



TAX LOSS POOL



|      |  |                       |     |  |            |  |       |                     |  |  |                    |  |  |                       |     |  |           |  |     |           |  |  |                       |  |  |                      |     |  |                |  |     |                |  |  |            |  |  |          |     |  |          |  |     |                |  |  |          |  |  |             |     |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |     | 
|----- |  | --------------------- | --- |  | ---------- |  | ----- | ------------------- |  |  | ------------------ |  |  | --------------------- | --- |  | --------- |  | --- | --------- |  |  | --------------------- |  |  | -------------------- | --- |  | -------------- |  | --- | -------------- |  |  | ---------- |  |  | -------- | --- |  | -------- |  | --- | -------------- |  |  | -------- |  |  | ----------- | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- | 
|      |  | Net Processing Income |     |  | Class41CCA |  |       | Processing Overhead |  |  | M&P Taxable Income |  |  | Other Business Income |     |  | Class1CCA |  |     | Class2CCA |  |  | Non Resource Overhead |  |  | Other Taxable Income |     |  | Overheadto CEE |  |     | Overheadto CDE |  |  | COGPE Pool |  |  | CDE Pool |     |  | CEE Pool |  |     | Depletion Pool |  |  | AcriPool |  |  | TaxLossPool |    
|      |  | M$                    |     |  | M$         |  |       | M$                  |  |  | M$                 |  |  | M$                    |     |  | M$        |  |     | M$        |  |  | M$                    |  |  | M$                   |     |  | M$             |  |     | M$             |  |  | M$         |  |  | M$       |     |  | M$       |  |     | M$             |  |  | M$       |  |  | M$          |    
|2013  |  |                       | 0.0 |  |            |  | 0.0   |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2014  |  |                       | 0.0 |  |            |  | 19.1  |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2015  |  |                       | 0.0 |  |            |  | 33.5  |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2016  |  |                       | 0.0 |  |            |  | 25.1  |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2017  |  |                       | 0.0 |  |            |  | 18.8  |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2018  |  |                       | 0.0 |  |            |  | 14.1  |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2019  |  |                       | 0.0 |  |            |  | 10.6  |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2020  |  |                       | 0.0 |  |            |  | 7.9   |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2021  |  |                       | 0.0 |  |            |  | 6.0   |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|2022  |  |                       | 0.0 |  |            |  | 4.5   |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|      |  |                       |     |  |            |  |       |                     |  |  |                    |  |  |                       |     |  |           |  |     |           |  |  |                       |  |  |                      |     |  |                |  |     |                |  |  |            |  |  |          |     |  |          |  |     |                |  |  |          |  |  |             |     |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |     | 
|Sub   |  |                       | 0.0 |  |            |  | 139.6 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|Rem   |  |                       | 0.0 |  |            |  | 13.4  |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|Total |  |                       | 0.0 |  |            |  | 153.0 |                     |  |  | 0.0                |  |  |                       | 0.0 |  |           |  | 0.0 |           |  |  | 0.0                   |  |  |                      | 0.0 |  |                |  | 0.0 |                |  |  | 0.0        |  |  |          | 0.0 |  |          |  | 0.0 |                |  |  | 0.0      |  |  |             | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 | 
|      |  |                       |     |  |            |  |       |                     |  |  |                    |  |  |                       |     |  |           |  |     |           |  |  |                       |  |  |                      |     |  |                |  |     |                |  |  |            |  |  |          |     |  |          |  |     |                |  |  |          |  |  |             |     |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |     | 



NET PRESENT VALUES AFTER TAX  Discount
Rate %

Op IncomeM$


InvestmentM$


Cash FlowM$


NPV/BOE$/BOE0


6,963



153.0



6,810



21.475


6,302



139.1



6,163



19.4310


5,757



127.0



5,630



17.7512


5,568



122.6



5,446



17.1715


5,311



116.4



5,194



16.3820


4,942



107.1



4,835



15.24


CORPORATE OPENING TAX POOLS (M$)  Class 1 Pool


0.00Class 2 Pool


0.00Class 6 Pool


0.00Class 8 Pool


0.00Class 10 Pool


0.00Class 12 Pool


0.00Class 41 Pool


7,848.00Class 43 Pool


0.00Declining Balance Pool


0.00Declining Balance Rate


0.00Straight Line Decline Pool


0.00Straight Line Decline


0.00
%COGPE Pool


43.00CDE Pool


3,118.00CEE Pool


5,885.00Depletion Pool


0.00ACRI Pool


0.00Tax Loss Pool


6,154.00






© Deloitte LLP and
affiliated entities.



---

Evaluation procedure

Definitions and methodology

Effective as of December 2012



© Deloitte LLP and
affiliated entities.



---

Table of contents



|                                     |  |  |   | 
|------------------------------------ |  |  | - | 
|Definitions                          |  |  |   | 
|                                     | 
|     Procedure                      |  |  | 3 | 
|                                     | 
|     Reserve evaluation             |  |  | 3 | 
|                                     | 
|     Reserve classification         |  |  | 3 | 
|                                     | 
|Reserve estimation methodology       |  |  | 4 | 
|                                     | 
|Production forecasts                 |  |  | 4 | 
|                                     | 
|Land schedules and maps              |  |  | 5 | 
|                                     | 
|Geology                              |  |  | 5 | 
|                                     | 
|Royalties and taxes                  |  |  | 6 | 
|                                     | 
|Capital and operating considerations |  |  | 6 | 
|                                     | 
|Pricing overview                     |  |  | 7 | 



© Deloitte LLP and
affiliated entities.



2



---

Procedure

AJM Deloitte has prepared estimates of reserves in accordance with the SEC Regulation S-K, 229.1202 and Regulation S-X, 210.4-10.

Reserve evaluation

A Reserves evaluation is the process whereby a qualified
reserves evaluator estimates the quantities and values of oil and gas reserves by interpreting and assessing all available pertinent data. The value of an oil and gas asset is a function of the ability or potential ability of that asset to generate
future net revenue, and it is measured using a set of forward-looking assumptions regarding reserves, production, prices, and costs. Evaluations of oil and gas reserves, include a discounted cash flow analysis of estimated future net revenue.

Reserve classification

Reserves are classified by AJM Deloitte in accordance with the definitions that are described in the United States Securities and Exchange Commission
Regulation S-X Part 210.4-10(a).



© Deloitte LLP and
affiliated entities.



3



---

Reserve estimation methodology

AJM Deloitte has assigned all reserves via deterministic methods.

Production forecasts

Production forecasts are based on historical trends or by comparison with other wells in the immediate area producing from analogous
reservoirs. Non-producing gas reserves were forecast to come on-stream within the first two years from the effective date under direct sales pricing and deliverability assumptions, if a tie-in point to an existing gathering system was in close
proximity (approximately two miles). If the tie-in point was of a greater distance (and dependent on the reserve volume and risk) the reserves were forecast to come on-stream in years three or four from the effective date. These on-stream dates were
used when the company could not provide specific on-stream date information.



© Deloitte LLP and
affiliated entities.



4



---

Land schedule and maps

The Company provided schedules of land ownership which included lessor and lessee royalty burdens. The land data was accepted as factual and no investigation of title by AJM Deloitte was made to verify
the records.

Well maps included within this report represent all of the Companys interests that were evaluated in the specified area.

Geology

An initial review
of each property is undertaken to establish the produced maturity of the reservoir being evaluated. Where extensive production history exists a geologic analysis is not conducted since the remaining hydrocarbons can be determined by productivity
analysis.

For properties that are not of a mature production nature a geologic review is conducted. This work consists of:



| |  |  | developing a regional understanding of the play,
| | - |  | ------------------------------------------------



| |  |  | assessing reservoir parameters from the nearest analogous production,
| | - |  | ---------------------------------------------------------------------



| |  |  | analysis of all relevant well data including logs, cores, and tests to measure net formation thickness (pay), porosity, and initial water saturation,
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | auditing of client mapping or developing maps to meet AJM Deloittes need to establish volumetric hydrocarbons-in-place.
| | - |  | ------------------------------------------------------------------------------------------------------------------------

Procedures specific to the individual properties are discussed in the body of the property report.



© Deloitte LLP and
affiliated entities.



5



---

Royalties and taxes

All royalties and taxes, including the lessor and overriding royalties, are based on government regulations, negotiated leases or farmout agreements, that were in effect as of the evaluation effective
date. If regulations change, the net after royalty recoverable reserve volumes may differ materially.

AJM Deloitte utilizes a variety of
reserves and valuation products in determining the result sets.

Capital and operating considerations

Reserves estimated to meet the standards for constant prices and costs, are based on Regulation S-X 210.4-10(a).

Capital costs were provided by the Company and reviewed by AJM Deloitte for reasonableness.

Operating costs were determined from historical data on the property as provided by the evaluated Company.



© Deloitte LLP and
affiliated entities.



6



---

Pricing overview

The following table contains the constant dollar evaluation of the Company. Prices were calculated in accordance with the definition (22)(v) of Regulation S-X, 210.4-10(a) and were determined by
taking the un-weighted average of the prices on the first day of the month for the preceding 12 months.

The effects of derivative instruments
designated as price hedges of oil and gas quantities if any, are not reflected in AJM Deloittes individual property evaluations.



|           |  |                     |  |                       |            |  |                                             |   |           | 
|---------- |  | ------------------- |  | --------------------- | ---------- |  | ------------------------------------------- | - | --------- | 
|           |  | Benchmark           |  | Benchmark price($CAD) |            |  | Weighted averagerealized report price($CAD) |  
|Oil        |  | NYMEX WTI @ Cushing |  | $                     | 95.01/bbl  |  |                                             | $ | 80.03/bbl | 
|Gas        |  | NYMEX Henry Hub LA  |  | $                     | 2.75/MMbtu |  |                                             | $ | 2.46/Mcf  | 
|Condensate |  | Condensate US       |  | $                     | 50.50/bbl  |  |                                             | $ | 66.89/bbl | 



© Deloitte LLP and
affiliated entities.



7